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. At present, people of the unorganized sector such as construction workers, domestic staff and fallow workers are not able to take advantage of the big savings schemes run by the government. This information has been given in an NDTV report quoting sources from the Ministry of Labor. All salaried employees and people running their own business will get the benefit of this new universal pension scheme.
Universal Pension Scheme
An important difference between this new proposed scheme and existing schemes like EPFO will be that in the earlier schemes, the contribution will be on a voluntary basis and the government will not make any contribution from its side. According to the report, the objective of the government behind this idea is to introduce a universal pension scheme to streamline the pension/savings framework in the country by merging some existing schemes. This scheme will become a safe investment option for any citizen.
Will not replace NPS
The report quoted sources as saying that this new scheme will not replace the existing National Pension Scheme. Stakeholders will be consulted about this scheme after the proposal documents are completed. At present, many government pension schemes are running for the unorganized sector. These include Atal Pension Scheme. In APS, the investor gets a monthly pension of Rs 1000 to Rs 5000 after turning 60 years old. On the other hand, street vendors, domestic workers, laborers etc. get benefit in Pradhan Mantri Shram Yogi Maandhan Yojana (PM-SYM). Apart from this, there are schemes like Pradhan Mantri Kisan Maandhan Yojana for farmers, in which the investor gets a pension of Rs 3000 per month after completing 60 years of age.
