Piyush Goyal, in his budget speech, has said that his government will undertake a complete overhaul of the existing pension scheme which will benefit over 10 crore workers in the unorganised sector.
Goyal hailed the workers of the unorganised sector stating that 50 per cent of the GDP comes from sweat and toil of 42 crore workers in the sector.
he government has launched Pradhan Mantri Shram Yogi Mandhan scheme for the benefit of workers in the unorganised sector. Under the scheme, the workers will get an assured pension of Rs 3000 per month above the age of 60.
It should be noted that the PM Modi government had launched the historic Atal Pension Scheme in 2015 to provide pension of Rs 1,000 to Rs 5,000 upon retirement to millions of workers who previously had no such social security avenue.
In a major revamp in 2018, the government had increased the age limit, doubled accident insurance cover and indefinitely extended the Atal Pension Yojana (APY) in response to the massive positive feedback received from the public.
The government has also increased the gratuity limit from Rs 10 lakh to Rs 30 lakh.
The Finance Minister also pointed out that high growth and formalisation of economy has resulted in increased EPFO membership by 2 crore in last two years.
The labour ministry has taken several measures for the benefit of the workers in the unorganised sector, including formulating a draft policy on domestic workers which will benefit nearly 40 lakh workers in the sector, hitherto unrecognised under other labour laws.
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