Budget 2019: Your maid will now get pension from Modi govt

New Delhi : In an attempt to increase vote bank count in favour of BJP in the upcoming election 2019, interim Finance Minister Piyush Goyal announced a mega pension scheme for the workers in the unorganised sector. While Pradhan Mantri Shram Yogi Mandhan will provide assured monthly pension of Rs 3000, there is also huge gift for maids, plumbers, drivers and others in the specific sector. 

As per the proposed pension scheme, workers will get Rs. 100 per month after 60 years of age. This initiative will possibly provide financial help to household maids, drivers, plumbers, electricians, barbers and other workers earning less than the threshold salary under the scheme. The minimum guaranteed pension will benefit 100 million people earning a monthly salary less than Rs 15,000. The current minimum pension stands at Rs 1,000 per month for the organised workers. The scheme will cost the government Rs 500 crore. 

Of the total 500 million working people, over 90% are unorganised workers who are often deprived of not just minimum wages but also any kind of social security, be it pensions or health insurance. Those earning above Rs 15,000 are covered under the Employees’ Provident Fund Organisation or the Employees’ State Insurance Corporation and hence will be out of the ambit of the scheme in the first phase.

Besides, the budget 2019-20 has also brought big income tax relief for lower middle class tax payers in India. 

There is a plan to increase budget on the animal husbandry and fisheries sectors and an interest subvention plan for small-and-medium-sized businesses which could benefit companies with exposure to rural India.