Moneycontrol
Get App
Last Updated : Feb 01, 2019 04:17 PM IST | Source: Moneycontrol.com

Budget 2019: Govt announces mega pension scheme for unorganised sector, workers to get Rs 3,000 after retirement

The money will be directly transferred to the bank accounts of the beneficiaries, possibly linked with Aadhaar.


As part of the interim budget speech, Finance Minister Piyush Goyal announced a Mega Pension Scheme for the unorganised sector.

Workers in the sector will get Rs 3,000 per month after the age of 60 as part of the scheme. The Finance Minister has allocated Rs 500 crore for the scheme.

The money will be directly transferred to the bank accounts of the beneficiaries, possibly linked with Aadhaar.

Close

There were expectations that this interim budget by the government will be populist in nature given that the country is due for the Lok Sabha elections in April May.

Apart from this pension scheme for the unorganised sector, Interim FM Piyush Goyal on Friday also announced a relief package of Rs 75,000 crore under a new scheme PM Kisaan Samman Nidhi for distressed farmers who have seen their incomes stagnate because of plunging prices, barely enough to pay for loans and input costs.

As part of the package, which includes an income support scheme, will transfer a sum of Rs 6,000 per year to farmers who own upto 2 hectares of land.

Catch all updates on Union Budget 2019-20 in our live blog

Moneycontrol Ready Reckoner
Now that payment deadlines have been relaxed due to COVID-19, the Moneycontrol Ready Reckoner will help keep your date with insurance premiums, tax-saving investments and EMIs, among others.


Facebook-BCG report suggests these measures for businesses to unlock the changing consumer behaviour in the current pandemic. Read More!

First Published on Feb 1, 2019 12:18 pm
Sections
Follow us on