"This is the first such scheme after independence which has touched that section of society which has not been thought about and has been left to fate. A lot of slogans have been raised, there have been no shortage of politics," the PM said while launching the scheme in Gujarat.
The scheme will provide an assured monthly pension of Rs 3,000 for workers in the unorganised sector with a monthly income of up to Rs 15,000, from the retirement age (60 years). This will be on a monthly contribution of a small amount during their working age.
Under the scheme, an assured monthly pension of Rs 3000 rupees per month will be provided to workers in the unorganised sector after 60 years of age. However, to avail of the scheme, workers will have to contribute Rs 100 month.
The Bombay High Court has directed Union Bank of India to include a retired employee in its 2010 pension scheme although he had not filled up the requisite application form within the stipulated period.