New Delhi: In a significant move to bolster social security across India, the government is crafting a comprehensive ‘universal pension scheme’ designed to benefit all citizens, regardless of their employment status. This initiative, currently under development in New Delhi, aims to bridge the gap in pension coverage, particularly for those in the unorganised sector, such as construction workers and gig workers, who lack access to large government-run savings schemes. The scheme will also be open to salaried employees and the self-employed, offering a voluntary and contributory framework without government contributions.
The proposed scheme seeks to streamline India’s pension framework by potentially merging existing schemes, providing a safe and voluntary option for all citizens. It will not replace the National Pension Scheme, another voluntary pension plan. Once the proposal document is finalized, stakeholder consultations will begin to refine the details.
Currently, several government-run pension schemes cater to the unorganised sector, including the Atal Pension Yojana and the Pradhan Mantri Shram Yogi Mandhan Yojana (PM-SYM), which offer monthly pensions after the age of 60. The new scheme aims to enhance these offerings by providing a universal platform for retirement savings.
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