Context:

• The scheme announced in the Budget 2019 has proposed to launch the scheme for the unorganised sector workers with monthly income upto Rs 15,000.
• The Government will deposit equal matching share in the pension account of the worker every month.
• It is expected that at least 10 crore labourers and workers in the unorganised sector will avail the benefit of the scheme within next five years making it one of the largest pension schemes of the world.
• A sum of Rs 500 crore has been allocated for the Scheme.
• The scheme will also be implemented from the current year.
• This pension yojana shall provide an assured monthly pension of Rs 3,000 from the age of 60 years on a monthly contribution of a small affordable amount during their working age.
• An unorganised sector worker joining pension yojana at the age of 29 years will have to contribute only Rs 100 per month till the age of 60 years.
• A worker joining the pension yojana at 18 years, will have to contribute as little as Rs 55 per month only.

Source:PIB