In its bid to benefit more than two crore workers in the unorganised sector, the Centre is planning to launch an old-age pension scheme for eight categories of such workers including street vendors, rickshaw pullers, beedi workers and railway coolies.
The pilot scheme, which is likely to be introduced from the next financial year, would also benefit limestone, dolomite, iron, manganese and chrom ore mine workers registered with the Labour Welfare Organisation of the Ministry of Labour and Employment, the Government of India, cine workers registered with the same department and auto-rickshaw drivers in the state capitals.
The task for implementation and execution of the scheme for mine workers, cine workers and beedi workers would be undertaken by the Labour Welfare Organsiation, a Labour Ministry official told Deccan Herald.
The scheme relating to the auto-rickshaw drivers, cycle-rickshaw pullers and street vendors would be launched in the state capitals during the pilot phase and it would operate through post offices/banks or such agencies as are designated by the UTI.
The scheme relating to the railway coolies would be launched in consultation with the Ministry of Railways.
Subscription fee
The scheme would provide pension/provident fund to workers on attaining the age of 58 years.
“There will be a subscription of Rs 100 per month on behalf of the eligible worker out of which Rs 75 will be contributed by the worker himself and the remaining Rs 25 will be contributed by the Centre,” the official said.
The UTI would act as the Fund Manager of the corpus and it would provide the accumulated amount at the time of maturity. Referring to the financial implications, the official said in case all the eligible workers become members, the total estimated annual liability of the government, by way of contribution, would be around Rs 718-crore.
However, in view of the contribution of Rs 75 per month from each member, the coverage would be around 50 per cent and, perhaps, even lesser in the initial years.