New Delhi: The central government is considering introducing a new public pension scheme called “Universal Pension Scheme”, which aims to provide economic security to every citizen of the country in old age. The Ministry of Labor and Employment is working on this ambitious scheme, which will be voluntary and contributory. In this, any citizen will be able to get pension benefits by contributing the fixed amount, and it will not be related to any particular job or employment.
Key features of the scheme
Voluntary Pension Scheme: In this, citizens can connect as per their will.
Independent from job: Any person can contribute to it, it will not be bound by any job.
Possibility of implementation under the Employees Provident Fund Organization (EPFO).
Equal contribution by the government: The government can also deposit the amount in the pension account equal to the contribution of the shareholder.
Plan to include states: States will also be encouraged to add their pension schemes to it.
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Existing plans will be adjusted
This Universal Pension Scheme can include the current Prime Minister Labor Yogi Honorary Scheme and the National Pension Scheme for traders and self -employment. Under these schemes, ₹ 3,000 per month pension is received after the age of 60 years, for which the shareholder has to make monthly contribution from ₹ 55 to ₹ 200.
Atal Pension Yojana can also be included in this new scheme. In addition, the cess collected under the Building and Other Construction Workers Act can be used to give pension to construction workers.
The increasing number of the elderly and the need for social security
By 2036: The number of citizens aged 60 years and above in India will be 22.7 crore, which will be 15% of the total population.
By 2050: This figure is expected to reach 34.7 crore (20%).
Social security systems in many countries of the world such as America, Europe, Canada, China and Russia include pension, health and unemployment insurance. So far, provident fund, old age pension and health insurance in India have been the main means of social security. The Universal Pension Scheme can prove to be a major step towards giving economic support to the elderly, keeping these challenges in mind.
