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Union Budget 2001-02 »
Finance Minister Speech : Budget-estimates
Scheduled Castes and Scheduled Tribes
68. In keeping with Government’s commitment to improve the Welfare of the scheduled tribes, a separate National Scheduled Tribes Finance & Development Corporation with an authorised share capital of Rs 500 crore has been set up. The allocation for the schemes for welfare of scheduled tribes in the Ministry of Tribal Affairs has been enhanced from Rs 786 crore this year to Rs 986 crore in the coming year.
69. Similarly, the allocation for the schemes for welfare and upliftment of scheduled castes in the Ministry of Social Justice & Empowerment has been enhanced from Rs 709 crore this year to Rs 790 crore in the coming year.
Social Security
70. Hon’ble Members may recall my announcement in the last budget, of a new Group Insurance Scheme, the "Janashree Bima Yojana" to extend Social Security cover to the poorest sections of society. The said scheme was launched by the Prime Minister on 10, August, 2000 and has been well received. 332 schemes have been approved so far covering 99,750 people in the BPL segment.
71. I believe that the Social Security cover needs to be widened to minimize the miseries of our people below the poverty line. Accordingly, I propose to introduce two more schemes during the next financial year:
(i) A special scheme for landless agricultural labourers, the Khetihar Mazdoor Bima Yojana, which will provide benefits of insurance cover as available under Janashree Bima Yojana and a pension of Rs 100 per month, to the beneficiary on attaining the age of 60 years. In the case of beneficiaries who join the scheme at a young age, some periodical payments at the end of every ten years are also envisaged. The beneficiaries will be required to make a small contribution towards the premium.
(ii) A Shiksha Sahyog Yojana, to provide an education allowance of Rs 100 per month to the children of parents living below the poverty line, to meet the expenses of education during their studies from 9th to 12th standard, so that a needy student is not deprived of the opportunity to continue his/her education for want of funds. This will be available to subscribers of the Janashree Bima Yojana.
These schemes will be managed by LIC.
72. Meanwhile, I have some good news for workers. The wage ceiling for coverage under the EPF and MP Act, 1952 has been enhanced from Rs 5000 to Rs 6500. To promote the welfare of employees I propose to enhance the ceiling for Government contribution of 1.16 per cent of monthly wage of employees to the Pension Fund from Rs 5000 to Rs 6000 per month. The extra expenditure on this account is estimated to be Rs 77 crore per annum.73. Whereas the organised sector is at present covered by various pension, provident fund and gratuity schemes, the unorganised sector does not have adequate social security coverage. I am asking the Insurance Regulatory Development Authority to look into all these issues and provide a road map for pension reforms by October 1, 2001.
