ATA

In a move aimed at benefiting workers in India’s unorganised or informal sector, the interim budget announced the launch of a pension yojana ‘Pradhan Mantri Shram-Yogi Maandhan’ that can be availed by workers with monthly income upto Rs 15,000.

In a move aimed at benefiting workers in India’s unorganised or informal sector, the National Democratic Alliance (NDA) government in its interim budget 2019-20, announced the launch of a pension yojana ‘Pradhan Mantri Shram-Yogi Maandhan’ that can be availed by workers with monthly income upto ₹15,000.

HT reported details of the scheme on Friday morning. The labour ministry said in a statement after the budget speech that the scheme would benefit 100 million workers in the informal sector.

As per the result of labour force survey on employment and unemployment conducted in 2011-12 by National Sample Survey Office (NSSO), Ministry of Statistics and Programme Implementation, the number of estimated employed persons in 2011-12 on usual status basis were 474.1 million of which 82.7% of workers (391.4 million persons) were in the unorganized sector.

While presenting Interim Budget 2019-20 finance minister Piyush Goyal said that the scheme would assure workers a monthly pension of ₹3,000 from the age of 60 years on a monthly contribution of a small affordable amount during their working years.

“Half of India’s GDP comes from the sweat and toil of 420 million workers in the unorganised sector working as street vendors, rickshaw pullers, construction workers, rag pickers, agricultural workers, beedi workers, handloom, leather and in numerous other similar occupations. Domestic workers are also engaged in big numbers. We must provide them comprehensive social security coverage for their old age,” Goyal said.

An unorganised sector worker joining pension yojana at the age of 29 years will have to contribute only ₹ 100 per month till the age of 60 years. A worker joining the pension yojana at 18, will have to contribute as little as ₹55 per month only.

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