What is the scheme about pension to informal workers?

The Pradhan Mantri Shram Yogi Mandhan is a pension scheme for informal workers which was announced in the Interim Budget under which the beneficiaries will get a sure pension of Rs. 3000 per month after they cross the age of 60. They will in turn have to contribute Rs. 55 per month or Rs. 100 per month if they are above 18 years of age or above 29 years of age respectively. The upper cap to join the scheme is 40 years. It will include all the workers in the informal sector ranging from construction workers, rag pickers, street vendors, rickshaw pullers etc.