Budget 2019, which is an interim budget, is holding in the Indian parliament. In the onset, the interim finance minister, Piyush Goyals speech brought cheers to the poor classes as he proclaimed a pension scheme Pradhan Mantri Shram Yogi Mandhan. The introduction of this scheme is considered a strategic move by the regime to entice poor voters.
Under the pension scheme, the central government will pay out monthly pension of INR 3000, along with INR 100 per month to workers in the unorganized sector after 60 years of age. (source: ET news)
The pension scheme will be advantageous for domestic workers, barbers, drivers, electricians and other workmen whose income is below the decided salary slab.
In figures, there are precisely plus 90 per cent unorganized workmen in 500 million labour force which are devoid of minimal wagers as well as any type of social security, inclusive of government pensions and health insurance. According to the schemes guidelines, workmen who earn above INR 15,000 will be inclusive under the Employees Provident Fund Organization or the Employees State Insurance Corporation and thus, these workmen will be exclusive of the scheme in the initial phase.