Budget 2019 update: Big pension scheme for workers

New Delhi : In the union budget session day 1, held on February 1 in Parliament, Finance Minsiter Piyush Goal has announced proposal for mega pension scheme for farmers. The scheme will assure a monthly pension of Rs. 3000 on retirement of workers who have monthly income below ₹15,000, after 60 years of age.

The Central government on Friday announced the proposal to launch a mega pension scheme for workers in the organised and unorganised sectors which will definitely benefit crores of workers in India. 

Named the Pradhan Mantri Shramyogi Man Dhan Yojana, the scheme will assure a monthly pension of ₹3000 on retirement, Finance Minister Piyush Goyal announced during the interim Budget.

Under the pension scheme for workers, the government will contribute a matching share to the employees’ contribution of up to ₹100 every month, to provide assured monthly pension of Rs.3,000 per month. The monthly contribution will vary based on age of entry.

“This year itself the scheme has been launched and we are ready to pay ₹500 crore for it and any more resources that may be needed,” said Mr. Goyal.

“It will benefit 10 crore workers in [the] unorganized sector, may become the world's biggest pension scheme for unorganized sector in five years,” tweeted the Press Information Bureau.

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