- Launched by: Finance Minister Mr Piyush Goyal
- Purpose: to ensure old age protection for Unorganized Workers who contribute around 50 per cent of the country’s Gross Domestic Product (GDP).
Key feature:
- The unorganized workers whose monthly income is Rs 15,000/ per month or less and belong to the entry age group of 18-40 years are eligible to avail of the benefits of the scheme.
- Also, the beneficiary should not be covered under New Pension Scheme (NPS), Employees’ State Insurance Corporation (ESIC) scheme or Employees’ Provident Fund Organisation (EPFO) and he/she should not be an income taxpayer.
- They have to contribute Rs 55 to Rs. 200 per month as per their age and will get Rs 3000 per month after the age of 60 years. For example, the person who’s age is now 29 have to pay Rs 100 per month till the age of 60 and get Rs 3000 per month as pension.
- Also during the receipt of a pension, if the subscriber dies, the spouse of the beneficiary shall be entitled to receive 50% of the pension received by the beneficiary in terms of family pension which is applicable only to a spouse.
- If the beneficiary died due to any cause before age of 60 years, his/her spouse will be entitled to join the scheme and continue the scheme by paying regularly or can exit the scheme as per the provisions.
- The government will contribute the same amount in the pension account of the workers every month.
- The government has allocated around Rs 500 cr for this scheme.
Other Facts:
- This scheme will provide benefits of up to 10 crore unorganized workers.
- The scheme was announced in the Interim Budget 2019 and started the enrolment from 15th February 2019.
Questions:
Q: 1. The Constituency of Piyush Goyal, the Minister of Railways and Minister of Commerce is: -a) Bangalore North, Karnataka
b) Jodhpur, Rajasthan
c) Rajya Sabha (Maharashtra)
d) Amethi, U.P
Answer: Option c
Q: 2. According to the interim budget 2019-20, the estimated fiscal deficit: -
a) 3.2%
b) 3.4%
c) 3.0%
d) 3.1%
Answer: Option b
Q: 3. The budget was first introduced in India in the year:-
a) 1947
b) 1950
c) 1860
d) 1948
Answer: Option c
Explanation: It was introduced by the then Finance Minister of India, James Wilson, on April 7, 1860, and the first Union Budget of Independent India was presented by the first Finance Minister of Independent India, Sir R.K. Shanmugham Chetty, on November 26, 1947.
Q: 4. Which article of the Indian Constitution envisages the Budget?
a) Article 110
b) Article 112
c) Article 280
d) Article 360
Answer: Option b
Explanation:
- Article No. 110 - Definition of Money Bills.
- Article No. 112 - Annual Financial Statement (Budget).
- Article No. 280 - Finance Commission.
- Article No. 360 - Provisions as to Financial Emergency.
