The micro, small and medium enterprises (MSME) sector has received a major gift during the announcement of Union Budget 2019. Finance Minister Nirmala Sitharaman in the Budget speech on Friday, stated that, the government will extend pension benefit to retail traders and shopkeepers. This will be done under the PM Karam Yogi Maan Dhan scheme. This scheme was proposed during interim Budget 2019 for the unorganised sector workers with monthly income of Rs 15,000 per month. However, now even retail traders and shopkeepers will also benefit from it.
Budget 2019: Nirmala Sitharaman said that 3 crore retail traders and shopkeepers, who have revenues of less than Rs 1.5 crore, will get pension benefits.
India’s GDP comes from the sweat and toil of 42 crore workers in the unorganised sector working as street vendors, rickshaw pullers, construction workers, rag pickers, agricultural workers, beedi workers, handloom, leather and in numerous other similar occupations.
Further details will be soon known about this pension benefit for MSMEs. However, in the interim Budget 2019, it was announced that, an unorganised sector worker joining pension yojana at the age of 29 years will have to contribute only Rs. 100 per month till the age of 60 years. A worker joining the pension yojana at 18 years, will have to contribute as little as Rs. 55 per month only. The Government will deposit equal matching share in the pension account of the worker every month.
It was proposed that the, pension yojana shall provide them an assured monthly pension of Rs. 3,000 from the age of 60 years on a monthly contribution of a small affordable amount during their working age, as per the interim budget.
Additionally, Sitharaman also stated that, government will create a payment platform for MSMEs to enable them to pay bills, and save time.