Universal Pension Scheme: The central government is preparing to bring a ‘Universal Pension Scheme’ across the country. After its arrival, everyone will come under the purview of a pension. Whether they are businessmen, do private jobs or do some work themselves, everyone will get its benefit. The government intends to bring workers working in the construction sector in the unorganized sector and gig workers under the purview of pension. This scheme is an important step to provide financial security to every Indian citizen in old age.
According to reports, the government on behalf of the Ministry of Labour has started the work of preparing its proposal documents. In this new scheme, the government can create a universal pension scheme by incorporating many different types of schemes. This scheme will give every citizen the confidence of a secure future.
Every Indian citizen above 18 years of age is eligible
Any Indian citizen can contribute to this scheme. According to sources, any person above 18 years of age, who wants a pension after 60 years, can avail the benefits of this scheme. Let us tell you that the government is planning to bring this scheme under EPFO. This scheme will also inspire the youth to save for the future.
Why is this scheme being brought
According to the United Nations’ “India Aging Report 2023”, by 2036, the number of elderly people in India is expected to be around 15 percent of the total population of the country. At the same time, by the year 2050, this figure can reach 20 percent. In such a situation, it has become necessary for the government to bring this scheme. Let us tell you that such pension schemes are already in force in countries like America, Europe, China, Canada, and Russia. This scheme is also an attempt to bring India into the category of developed countries.
How different is this new scheme from old schemes
In schemes like the Employees Provident Fund, money is put by both the government and the company. But in this upcoming ‘New Pension Scheme’ the government will not make any contribution. It is entirely up to you how much money you want to put into it. This scheme gives you complete freedom to save for your future.
Will it replace the National Pension Scheme
The new scheme will not replace the existing National Pension Scheme (NPS), the new scheme will just give you another safe option that one can choose. This scheme gives you the flexibility to choose a pension plan as per your choice.