Taking a leaf out of the pension announcements from the interim budget presented by Piyush Goyal, Finance Minister Nirmala Sitharaman has extended pension to around three crore retail traders and shopkeepers with an annual turnover less than 1.5 crores under Pradhan Mantri Karam Yogi Man Dhan Scheme in the budget.
Sitharaman's proposal comes in the context of the central government announcement in the interim budget to launch a mega pension scheme for workers in the organised and unorganised sectors who have a monthly income below ₹15,000, after 60 years of age. The Pradhan Mantri Shramyogi Man Dhan Yojana will assure a monthly pension of Rs 3000 on retirement, with the contribution of Rs 100 per month, for workers in unorganised sector after 60 years of age. These workers will have to contribute only Re 1 per month from age 29 towards this scheme. The government will contribute the rest. The scheme will begin from this year.
Finance Minister Nirmala Sitharaman has announced a slew of measures in her maiden budget speech in Parliament on Friday. This is the first budget after Narendra Modi was re-elected as the prime minister for the second time consecutively in the recently concluded general elections with a whopping mandate.
