New Delhi: Targeting a huge electorate ahead of the 2019 polls, Finance Minister Piyush Goyal Friday announced a mega pension scheme to provide assured pension of 3000 per month to nearly 10 crore people working in largely fragmented informal sector.

These informal workers joining the pension scheme at 18 years will pay 55 per month and 100 if joining at the age of 29. The pension will be paid once they reached the age of 60.

Budget 2019 Live Updates

“(We are starting) Mega Pension Yojana, namely Pradhan Mantri Shram Yogi Mandhan, to provide assured monthly pension of 3000 rupees per month, with contribution of 100 rupees per month, for workers in unorganized sector after 60 years of age," Goyal said in his Budget speech.

“Will benefit 10 crore workers in unorganized sector, may become the world's biggest pension scheme for unorganized sector in five years," he added.

Catch all the latest updates here

Domestic workers, beedi workers , small shop workers among others may benefit from the announcement but the details on how it will be implemented and how the government will calculate the income threshold is yet to be spelt out.