Pradhan Mantri Shram Yogi Mandhan: Unorganised sector workers to get Rs 3,000 post-retirement

Pradhan Mantri Shram Yogi Mandhan: Unorganised sector workers to get Rs 3,000 post-retirement

Finance Minister Piyush Goyal, while presenting Budget 2019, on Friday announced the launch of a social security pension scheme for workers in the unorganized sector, called the Pradhan Mantri Shram Yogi Mandhan.

Under the scheme, an assured monthly pension of Rs 3,000 per month will be provided to workers in the unorganized sector after 60 years of age. However, to avail of the scheme, workers will have to contribute Rs 100 month.

“Pradhan Mantri Shram Yogi Mandhan will be launched to provide assured monthly pension of 3000 rupees per month, with a contribution of 100 rupees per month, for workers in unorganized sector after 60 years of age,” Goyal said.

He further said the scheme, which would benefit 10 crore workers, would be implemented from this fiscal itself. “It may become the world’s biggest pension scheme for the unorganized sector in five years,” he said. Goyal also announced an increase of gratuity limit from Rs 10 lakh to Rs 30 lakh from the next fiscal.

The new pension scheme will run alongside the existing Atal Pension Yojana, which guarantees returns post-retirement. He said 50 percent of the country’s Gross Domestic Product (GDP) comes from “sweat and toil of 42 crore workers in the unorganized sector.”

The government’s attempt to woo the unorganized sector comes after an estimated 200 million workers across various sectors carried out a two-day nationwide strike on January 8-9. About 91 percent of the informal sector, which was dependent on cash for survival, was harmed due to demonetization.

Among the most pertinent demands raised by the protesters was minimum wages of Rs 18,000 and assured pension of at least Rs 3,000. The government seems to have paid heed to their demands.


Also Read: Sukanya Samriddhi Yojana: How to transfer account from the post office to banks

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5 Thoughts to “Pradhan Mantri Shram Yogi Mandhan: Unorganised sector workers to get Rs 3,000 post-retirement”

  1. Rajesh diwaker

    Modi govt is very intelligent
    They show many policies
    But they not given any address
    Where we get any benefit

    So give your vote to person only

    Here no any address to get any benefit.

  2. uppuluri sunil kumar

    Good Morning Medam/Sir

    My name is uppuluri sunil kumar aged 59years 3months (dob 16.11.1959)living in chennai tamilnadu having a wife aged 54 years and a child aged 8yrs .
    for the last two years i am trying for a job, i am not getting doing dialy wages work,becoming difficult for child studies fees and living.

  3. Sachin. M. Sidnal

    Were can we deposit the premium amount.

  4. Arun Chougule

    PL tell us what about the existing pensioners who are from private companies and they are getting less than Rs 3000/- per month as pension. Are they also going to get up to Rs 3000/- per month?
    Will you clarify on this?

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