Finance Minister Piyush Goyal on Friday announced a mega pension scheme that he said will benefit 10 crore workers in the unorganised sector in the Interim Budget for 2019-’20. The scheme will be implemented from the current year, he said.

The Pradhan Mantri Shram Yogi Maandhan will provide a monthly pension of Rs 3,000 to workers in the unorganised sector aged 60 and above. The scheme is aimed at workers earning up to Rs 15,000 a month.

“It is expected that at least 10 crore labourers and workers in the unorganised sector will avail the benefit of Pradhan Mantri Shram Yogi Maandhan within next five years making it one of the largest pension schemes of the world,” Goyal said in his Budget speech.

Goyal said workers will have to contribute a small amount during their working age after joining the scheme. A worker in the unorganised sector who joins the pension scheme at the age of 29 will have to contribute Rs 100 per month till the age of 60 years, while a worker joining the scheme at 18 years will have to contribute Rs 55 per month, Goyal said.

He said the government will deposit an equal share in the worker’s pension account every month.

Goyal said Rs 500 crore has been allocated for the scheme and additional funds will be provided as needed.

Goyal said the pension scheme will be in addition to the life insurance scheme under the Pradhan Mantri Jeevan Jyoti Bima Yojana and the accident insurance scheme under the Pradhan Mantri Suraksha Bima Yojana.