Friday, February 8, 2019

Workers above the age of 40 can’t join new pension scheme

One of the government’s mega budget announcements, a ₹3,000 per month pension for unorganised sector workers once they turn 60, excludes those above the age of 40, doesn’t allow for children of subscribers to be made nominees, and has stringent exit norms, according to details contained in the notification of the scheme issued on Thursday.

Unorganised sector workers can enter the scheme as early as the age of 18 by contributing ₹55 per month. The latest they can subscribe to the scheme is at the age of 40 by paying ₹200 monthly, the notification by the ministry of labour and employment said. The central government has committed to contribute an equal amount. Read More