BUSINESS
01/02/2019 12:03 PM IST | Updated 01/02/2019 12:21 PM IST

Gratuity Limit Increased to Rs 30 Lakh, Govt Announces Pension Scheme For Unorganised Sector

Finance Minister Piyush Goyal announced an assured monthly pension of Rs 3000 per month, with contribution of Rs 100 per month, for workers above 60 years of age.

Adnan Abidi / Reuters
Interim Finance Minister Piyush Goyal holds his briefcase as he arrives at the parliament to present 2019-20 budget in New Delhi, February 1, 2019.

The government increased the gratuity limit and also announced a pension scheme, named the PM Shram Yogi Mandhan, for workers in the unorganised sector in its interim budget.

Finance Minister Piyush Goyal announced an assured monthly pension of Rs 3000 per month, with contribution of Rs 100 per month, for workers above 60 years of age.

The interim budget increased gratuity limit from Rs 10 lakh to Rs 30 lakh.

Goyal said high growth and formalisation of the economy had resulted in increasing membership of the Employees’ Provident Fund Organisation by 2 crore in the last two years.