The government is launching a new pension scheme for informal workers

While presenting the interim Budget for 2019-2020, acting Finance Minister Piyush Goyal announced an unprecedented pension scheme for workers in the informal economy- which roughly consitute 81% of India's workforce, according to the International Labour Organisation.

Workers above the age of 60 will now receive a monthly pension of ₹3000. The government has earmarked an allocation of ₹5 billion for the scheme, which has been called Shram Yogi Mandhan.

#BREAKING | Finance Minister Piyush Goyal: Govt to allocate Rs 500 cr to mega pension scheme#BudgetSession2019 #PiyushGoyal @PiyushGoyal @PiyushGoyalOffc #BudgetWithETNOW #Budget2019 pic.twitter.com/oIW9rE7aqZ

— ET NOW (@ETNOWlive) February 1, 2019

Around 100 million workers are expected to benefit from the social security scheme.

Workers under the age of 60 will have to pay a premium of around ₹55-100 a month, an amount that will be equally matched by the central government.