Union Budget 2019

Budget 2019 | Mega Pension Scheme Announced, Rs 3,000 Monthly Pension For Those Earning Up To Rs 15,000

Written By Joel Kurian | Mumbai | Published:

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  • The scheme named Pradhan Mantri Shram Yogi Mandhan will provide Rs 3,000 for workers of the organised sector who earn up to Rs 15,000 per month
  • He also announced that as a part of the scheme, workers will contribute an amount of Rs 100 till they attain the age of 60, and the government will match that amount into the person's account

Finance Minister Piyush Goyal announced a mega pension scheme in the Interim Union Budget of 2019 announced on Friday. 

The scheme named Pradhan Mantri Shram Yogi Mandhan will provide Rs 3,000 for workers of the organised sector who earn up to Rs 15,000 per month.   

READ: Union Budget 2019: 'Most Decisive, Stable And Clean Government: Union Minister Piyush Goyal Gives India's Growth Report During His Budget Speech

 “Our government proposes to launch a mega pension yojana which will be for the organised sector with monthly income upto Rs 15,000. This pension yojana, shall provide them with an assured monthly pension of Rs 3,000 after they achieve the age of 60 years,” Goyal said in his speech. 

He also announced that as a part of the scheme, workers will contribute an amount of Rs 100 till they attain the age of 60, and the government will match that amount into the person's account.  

“Our prediction is that at least 10 crore labourers and workers will benefit from the scheme,” the minister added.  

"We are ready to contribute Rs 500 crore rupees if needed. If more funds are needed for this, we will ensure it is made available. The scheme will be implemented from the current year itself,” Goyal said. (Watch the video above)

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Union Minister Piyush Goyal is presenting the NDA government's interim budget, two months ahead of the general elections. All eyes are on the Budget presentation and Mr Goyal's speech as the government announced sops for the common man, farmers and traders. Piyush Goyal gave out a full report card of the NDA government, giving a clear account of growth and development that has taken place in the country. "Under the visionary leadership of honourable Prime Minister Shri Narendra Modi, we have given the most decisive, stable and clean government," Goyal said. 

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