Explained: The Modi government’s pension scheme for informal workers
While presenting the interim Budget for 2019-2020, acting Finance Minister Piyush Goyal announced an unprecedented
The scheme, which is called Shram Yogi Mandhan, offers
Who qualifies for the scheme?
All workers in the informal sector that earn less than ₹15,000 a month. Around 100 million people are expected to benefit from the scheme.
How much will workers get?
Workers above the age of 60 will now receive a monthly
How much will workers contribute?
The government is counting on
How much will the government spend?
The government has earmarked an allocation of ₹5 billion for the scheme. It will deposit equal contributions in the pension account of workers every month, who will probably enrol in the scheme through Aadhaar.
When will the scheme be implemented?
The pension scheme will be implemented in the coming fiscal year. Additional funding will be released as per requirements.