The government is launching a new pension scheme for informal workers
While presenting the interim
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.