Budget 2019 may offer a monthly pension for informal workers above 60 with Aadhaar

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It's election year and the Narendra Modi government may not leave any stone unturned to woo India's huge informal workforce that is faced with a job crisis like never before.

The budget 2019 may offer a monthly pension of ₹3,000 to the country's informal workforce above the age of 60, according to a report from Hindustan Times. The payment will be linked to unique identity number, Aadhaar.

This will reportedly benefit over 391 million people and cost the exchequer ₹1.2 trillion annually.

"Close to 81% of all employed persons in India make a living by working in the informal sector, with only 6.5% in the formal sector and 0.8% in the household sector.," the International Labour Organisation $4 in May 2018. Half of all urban jobs in India and 85% of rural jobs are in the unorganised space.

The rural parts of the country have had a tough time last few years. The wages have been so low that even with subdued inflation, workers have struggled to make ends meet.

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