Budget 2019: Govt proposes pension schemes for unorganised sector

New Delhi: The Government on Friday proposed to launch a mega pension scheme called ‘Pradhan Mantri Shram-Yogi Maandhan’ for the unorganised sector workers with monthly income up to Rs. 15,000.

While presenting the Interim Budget 2019-20 in Parliament, Union Finance Minister Piyush Goyal said, “Half of India’s GDP comes from the sweat and toil of 42 crore workers in the unorganised sector. The government must provide them with comprehensive social security coverage for their old age. Therefore, our government proposes to launch a mega pension scheme namely ‘Pradhan Mantri Shram-Yogi Maandhan’ for the unorganised sector workers with monthly income up to Rs. 15,000.”

Elaborating on the scheme, Goyal added, “Scheme shall provide them (worker) an assured monthly pension of Rs. 3,000 from the age of 60 years on a monthly contribution of a small affordable amount during their working age. An unorganised sector worker joining pension yojana at the age of 29 years will have to contribute only Rs. 100 per month till the age of 60 years, while a worker joining the pension yojana at 18 years, will have to contribute Rs. 55 per month.”

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He said the Government will deposit an equal matching share in the pension account of the worker every month. “It is expected that at least 10 crore labourers and workers in the unorganised sector will avail the benefit of ‘Pradhan Mantri Shram-Yogi Maandhan’ within the next five years. Rs. 500 crore has been allocated for this. Additional funds will be provided as needed. The scheme will also be implemented from the current year.”

Shedding light on the changes that have been made to benefit the daily wage worker, he stated, “During the last five years, minimum wages of labours of all classes have been increased by 42 per cent which is the highest increase so far.”

He also informed that a committee under NITI Aayog will be set-up to complete the task of identifying De-notified, Nomadic and Semi-Nomadic communities not yet formally classified. The Government will also set-up a Welfare Development Board under the Ministry of Social Justice and Empowerment specifically for the purpose of implementing welfare and development programmes for De-notified, Nomadic and Semi-Nomadic communities.

Goyal said, “Government is committed to reaching the most deprived citizens of this country. To this end, the condition of the De-notified, Nomadic and Semi-Nomadic communities merits special attention. These communities are hard to reach, less visible, and therefore, frequently left out. The Nomadic and Semi-Nomadic communities move from place to place in search of a livelihood. The Renke Commission and the Idate Commission have done commendable work to identify and list these communities.”


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