Pensions have long been a major issue for India’s middle class. Up until now, the pension benefit has mostly only been available to workers in the public and private sectors, but the Centre is now considering making it available to everyone. To guarantee social security for everyone, the planned Universal Pension Scheme will be a voluntary and contributed endeavour.
The Ministry of Labour and Employment has reportedly started talking about the Umbrella Pension Scheme. This scheme will be voluntary and contributory, not linked to employment, allowing everyone to contribute and receive a pension.”
According to sources, the program is being aggressively developed by the Employees’ Provident Fund Organisation (EPFO). The Ministry will have additional consultations with stakeholders when the plan is completed.
By streamlining the procedure and expanding coverage, several current central plans will be incorporated to make the scheme more appealing.
Workers in the unorganised sector, traders, independent contractors, and anybody over the age of 18 looking to receive pension benefits after reaching 60 are all intended beneficiaries of the program.
Existing government programs like the National Pension Scheme for Traders and Self-Employed (NPS-Traders) and the Pradhan Mantri Shram Yogi Maandhan Yojana (PM-SYM) may be incorporated under this project to simplify pension coverage.
Both programs are optional and, at reaching the age of sixty, provide a pension of Rs 3,000 per month, with the government matching payments between Rs 55 and Rs 200.
