Experts cast doubt on new pension scheme for unorganised sector workers

The government has announced yet another general pension scheme for the unorganised sector, but experts question low returns and high contributions.

Named the Pradhan Mantri Shram-Yogi Maandhan Yojana, the scheme targets marginal workers with monthly income up to Rs 15,000. The scheme promises an assured monthly pension of Rs 3,000 from the age of 60 years, in return for a nominal monthly contribution till then. Similar to existing voluntary schemes, the government will deposit an equal matching share in the pension account of the worker every month.

The government expects at least 100 million labourers and workers to sign up