After retirement,living either has to depend on savings or a pension. In such a situation,the government has decided to create a platform to ensure that people do not have any problem receiving pensions or any pension-related problems.
The government is working on a regulatory structure for this,which will also include a grievance redressal mechanism for redressal of complaints. This information has been given in the report of The Economic Times quoting sources. Are you also troubled by pension related problems? So let’s know how beneficial this new step of the government is for you.
Know what will change
A general regulatory standard is required for all to make a quick resolution of pension complaints,“said an official familiar with the case. He also informed that in this initiative of the government,the inclusion of various pension schemes under the supervision of various agencies of the central government is also being considered.
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Why is an integrated platform necessary
Another official said,“Pension coverage in our country is limited,and new products need to be developed. Since the National Pension Scheme (NPS) is voluntary and the salary limit in the Employees Pension Scheme (EPS) under EPFO is Rs 15,000 per month,a large section of employees is deprived of it.
According to the report,this proposed platform needs to be brought under an integrated body to increase coverage as well as to simplify their implementation. Officials also informed that the government is also considering the possibilities of bringing a universal pension scheme for all.
Finance Minister Nirmala Sitharaman in her budget speech announced the formation of a platform for the development of many more pension products as well as their better coordination.
This step of the government is a major relief for pensioners. Integrated platforms and universal pension schemes will not only solve pension related problems,but will also increase pension coverage. This step will provide financial security to people after retirement. This effort of the government is a new beginning,which will strengthen pension security.
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