Universal Pension Scheme: The government is working on a new universal pension scheme. All Indians including the unorganized sector will get the benefit of this pension scheme. Currently, people of unorganized sector such as construction workers, domestic workers and daily wage bhogi are unable to avail the major savings schemes run by the government. In such a situation, according to the information received from the sources of the Ministry of Labor, all salaried employees and businessmen will get the benefit of this new Universal Pension Scheme.
How is this different from existing pension schemes?
According to media reports, the scheme is different from the existing Employees Provident Fund Organization (EPFO), as the government can formulate a universal plan by combining various types of schemes in the new scheme. This can be seen as a safe option on a voluntary basis for any citizen. Therefore, according to sources, the Universal Pension Scheme will not affect the National Pension Scheme.
Universal pension scheme
The scheme is being set up under the Employees Provident Fund Organization (EPFO). After preparing its final draft, opinion will be sought from various stakeholders.
The new scheme will be voluntary, that is, anyone can join it, whether it has a job or not. Along with this, people of unorganized sector, such as small traders, self -employment people will also be able to participate in this scheme.
Also, existing pension schemes like Pradhan Mantri Labor Yogi Honorary (PM-SYM) and National Pension Scheme (NPS-traders) can also be added under this scheme. These schemes provide a monthly pension of Rs 3,000 after retirement, which contributes from Rs 55 to Rs 200 and the government also contributes the same amount.
The possibility of inclusion of Atal Pension Yojana (APY) in this new structure is also being considered. The government is also considering using the cess collected under the Building Building and Other Construction Workers (BOCW) Act for funding the pension of construction workers.
Who will benefit from this scheme?
The scheme will benefit from workers, small traders, self -employment and other citizens especially from the scheme. Those who want to take pension benefits after 60 years will be able to participate in it. The central government may also encourage states to merge their pension schemes into this scheme.
NPS will not be replaced.
The report quoted sources as saying that this new scheme will not replace the current National Pension Scheme. After the proposal documents are completed, the scheme will be consulted with stakeholders. Currently several government pension schemes are running for the unorganized sector. It also includes Atal Pension Yojana.
In the APS, when the investor is 60 years of age, he gets a monthly pension from Rs 1000 to Rs 5000. Apart from this, street vendors, domestic workers, laborers etc. get benefits under the Pradhan Mantri Labor Yogi Manadhan Yojana (PM-SYM). Apart from this, there are schemes like Pradhan Mantri Kisan Manadhan Yojana for farmers, in which the investor is given a pension of Rs 3000 every month after completion of 60 years of age.
