7th Pay Commission Latest News: Finance Minister Piyush Goyal on Friday presented the Interim Budget 2019-20 in Lok Sabha during Budget Session of Parliament. Speaking on 7th Pay Commission, he lauded the government for implementing the recommendations for the government employees. He also spoke over the New Pension Scheme (NPS) and said that it has been liberalised. (Live Updates on Budget 2019)
Goyal, who is presenting the Budget 2019 in place of Arun Jaitley as he is in the US for treatment, said announced the increase in the gratuity amount from Rs 10 lakh to Rs 20 lakh.
The interim finance minister also announced a Mega Pension Yojana, namely Pradhan Mantri Shram Yogi Mandhan (PMSYM), to provide assured monthly pension of Rs 3000 per month, with contribution of Rs 100 rupees per month, for workers in unorganised sector after 60 years of age.
The PMSYM Will benefit 10 crore workers in unorganised sector and may become the world’s biggest pension scheme for unorganised sector in five years.