BUDGET 2019: Unorganized Workers to get Rs. 3000 Pension

Finance Minister Piyush Goyal announced the Pradhan Mantri Shram Yogi Mandhan. Under the scheme, an assured monthly pension of Rs.3000 shall be provided to the workers in the unorganized sector after attaining 60 years of age. The workers, however, shall have to contribute Rs. 100 per month during their working age and the government would make an equal contribution. 

This scheme shall cover all those unorganized sector workers whose income is up to Rs 15,000 per month. It shall benefit around 10 cr workers and would be implemented from this fiscal itself. “It may become the world’s biggest pension scheme for the unorganized sector in five years,” Goyal said. It shall work alongside the Atal Pension Yojana. 

Acknowledging the work of the unorganized sector he mentioned that 50% of the country’s GDP came from the sweat and toil of 42 cr workers in the unorganized sector.” 

Such a provision comes to post the nationwide strike by workers held on January 8 to 9 wherein minimum wages of Rs. 18000 and pension of at least Rs. 3000 was amongst the demands raised. 

The increase of Gratuity Limit from Rs. 10 lakh to Rs.30 lakh from the next fiscal has also been announced.