As a prelude to a proposed pension scheme for the  unorganised sector, the Centre is all set to launch a retirement benefit scheme, for those working in the cinema and mine sectors, helping about 2.7 lakh workers.
“Any worker in these two sectors with a monthly income of Rs 6,500 or less, can join the pension scheme,” a Labour Ministry official told Deccan Herald.
The scheme, which has been devised as a pilot project for a similar pension scheme for the unorganised sector workers, is likely to be made an integral component of the bill on the welfare of the unorganised sector, which will be placed before Parliament in the monsoon session scheduled to begin next month.
The pilot project has been devised by a five-member expert group set up by the Centre and comprising representatives from the International Labour Organisation and the World Bank.
Contribution
According to the project, the initial monthly contribution amount would be Rs 75 per worker with the Centre pitching in Rs 25.
“The financial implications for the Central government will be Rs 8 crore for the initial phase, but the amount can be managed from the Welfare Fund under the Director General of the Labour Ministry for these two sectors,” he said.
As per the scheme, which is likely to benefit two lakh mine workers and about 70,000 in the cine world, including the spot boys, the retirement age is 60 years.
“With the current GDP per capita of Rs 33,750, the GDP per capita and monthly contribution growth has been pegged at 8 per cent and the investment income at 9 per cent,” he said.
The monthly pension, which a worker would get after his retirement, would depend on his age of joining the scheme and the age of his retirement. For example, if a worker joins the scheme at the age of 26 years and retires at the age of 55, he can expect a monthly pension of around Rs 3,500.
UTI Mutual Funds
UTI Mutual Funds is likely to be entrusted with the responsibility of managing the pension funds across the country. The company is already dealing with pension projects in association with NGOs like SEWA, Gujarat that deals with micro-finance projects.