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.
Popular on BI
- Facebook and Microsoft aren’t the only ones creating a metaverse — here are five popular coins looking to create digital worlds
- Mukesh Ambani-led Reliance Jio hikes prices of its plans by 21%
- Facebook, Microsoft and others look towards the $1 trillion dollar ‘metaverse’ opportunity — but that contradicts the base philosophy behind Web 3.0
- Meet Parag Agrawal, the IIT Bombay grad who is taking over from Jack Dorsey at Twitter
- Bankrupt Sintex Industries' stock doubles after RIL showed interest to acquire it
- Omicron COVID-19: Kerala orders 7 days quarantine for arrivals from high risk countries
- In India, less than one in every 10,000 jabs have led to serious adverse reactions — not necessarily due to the vaccine
- After taking us on a nostalgia trip by featuring 90s stars like Rahul Dravid and Jackie Shroff in its ads, CRED is back at it again, this time with Chacha Chaudhary and Suppandi