New Delhi. Every person wants to get pension in old age, but it is available only for government and private employees. However, now the government is working on a scheme which will make the common man’s dream of pension come true.
Actually, the government is considering a Universal Pension Scheme, which will be a voluntary and contributory scheme and its objective will be to provide social security to all citizens.
According to ET’s report, the Ministry of Labor and Employment has started deliberations on the Umbrella Pension Scheme. Officials have given this information. A senior government official told ET, “This scheme will be voluntary and contributory, not linked to employment and hence everyone can contribute to it and earn pension.”
What is the government’s planning
People familiar with the matter said that the scheme is being worked on extensively under the Employees’ Provident Fund Organisation (EPFO). Once the blueprint of the scheme is ready, the ministry will consult stakeholders to finalise the scheme.
To make the Universal Pension Scheme programme more attractive, some of the existing central schemes will be merged into it to streamline the process while increasing the coverage to all sections of the society.
The scheme aims to benefit unorganised sector workers, traders and self-employed persons and all those in the contributory age group (18 years and above) who wish to receive pension benefits after 60 years.
Merger of these schemes is possible in the scheme
Some of the existing government schemes that could be merged under this umbrella scheme include the Pradhan Mantri-Shram Yogi Maandhan Yojana (PM-SYM) and the National Pension Scheme for Traders and Self-employed (NPS-Traders). Both are voluntary in nature and entitle subscribers to a monthly pension of Rs 3,000 after the age of 60 on a contribution of Rs 55 to Rs 200 depending on the age at the time of enrolment, and an equal contribution from the government.
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