Universal Pension Scheme: The central government will soon make this big announcement regarding the pension scheme, know full details
Universal Pension Scheme: A major statement on the pension plan may shortly be made by the federal government. The Modi administration is reportedly preparing to implement a new national pension plan. Those who do not work but make a living via other employment might also get financial stability through this pension plan. Yes, a new pension system may be introduced shortly in addition to the conventional job-based pension plan.
The Ministry of Labor has begun to consider a voluntary and contributory plan that would enable everyone, regardless of job status, to invest in their retirement, according to an ET report.
According to the article, the government will confer with important stakeholders to refine the framework’s specifics once it is complete.
The research claims that the purpose of introducing such a program is to consolidate current pension plans under a single umbrella, increasing their appeal and accessibility, particularly for unorganized workers, merchants, and independent contractors who are at least eighteen years old.
The optional and contributory pension plan would be “open to all” and not limited to any particular profession or occupational area, according to a source cited in the paper.
In order to expand coverage to all societal segments, the paper also proposes that the plan may replace parts of the current government-run pension plans.
It said that all individuals between the ages of 18 and 60 would be able to receive pension benefits after 60 years under the program, and that the contributory scheme is anticipated to encompass workers in the unorganized sector, dealers, and self-employed organizations and institutions.
