India, Feb. 7 -- Nearly a week after finance minister Nirmala Sitharaman announced a social security scheme for gig workers in her budget speech, the labour ministry has pushed the pedal on formulating such a proposal.

As per news agency PTI, the labour ministry plans to "soon" seek the Union Cabinet's nod for a pension scheme for 1 Cr gig workers in the country employed with online aggregation platforms.

The report, citing a source, said that the ministry is working on devising a mechanism to deduct the contribution for the pension scheme from the income of these workers on a per-transaction basis. As per the report, the social security contributions will be deducted as a percentage of every transaction by the online platforms, just li...