Budget 2019: Modi government announces mega pension scheme for unorganized sector workers

New Delhi: In order to woo a large number of voters from the poorest sections of the society, Union Minister Piyush Goyal has announced a mega pension scheme for the workers of the unorganized sector while presenting the interim budget in the Lok Sabha on Friday.

Addressing the Members of Parliament in Lower House, Piyush Goyal announced that the Prime Minister, Labor Yogi Mancha, would provide monthly pension of Rs. 3000 with the contribution of Rs. 100 per month for the workers in the unorganized sector after the age of 60 years.

With this step, there is the possibility of getting a rich dividend for domestic help, drivers, plumber, electrician, hairdresser and other employees under the scheme.

It is notable that out of the 500 mn workforce, 90 percent is a startling worker not only with minimum wage but also of any type of social security, whether it is pension or health insurance.

Employees with income of more than Rs 15,000 are covered by the provident fund organization or Employees State Insurance Corporation and hence it will be out of the scope of the scheme in the first phase.

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