The central government, led by Prime Minister Narendra Modi, is preparing to launch a Universal Pension Scheme aimed at providing financial security to individuals after retirement. Under this initiative, participants will have the flexibility to contribute voluntarily and receive pension benefits upon retirement. Reports suggest that workers in the unorganized sector will also be eligible for the scheme’s benefits.
A Pension for All: Universal Pension Scheme
The Universal Pension Scheme ensures that individuals aged 60 and above will receive pension benefits. Designed to offer social security to a wide range of individuals—including workers in the unorganized sector, business owners, and self-employed individuals—the scheme is open to all citizens above 18 years of age. Unlike traditional pension models, contributions under this scheme will be voluntary, and the government will not make any direct financial contributions to the pension fund.
Integration of Existing Pension Schemes
The government is also considering merging existing pension schemes under this initiative. According to an NDTV report, the Ministry of Labour and Employment has already initiated discussions on consolidating various pension programs. Key schemes such as the Pradhan Mantri Shram Yogi Maandhan Yojana (PM-SYM), the National Pension System (NPS), and the Atal Pension Yojana (APY) may be integrated into the new framework.
Currently, individuals enrolled in these schemes contribute between ₹55 and ₹200 per month to receive a monthly pension of ₹3,000, with the government matching their contributions. However, the proposed Universal Pension Scheme may streamline these programs into a single, more comprehensive pension system.
Enhancing Social Security for Millions
Experts highlight that a significant portion of India’s workforce is engaged in the unorganized sector, where individuals often struggle to save for their future due to low and unstable incomes. Many workers spend a substantial part of their earnings on daily expenses, leaving little to secure their post-retirement years. The Universal Pension Scheme aims to bridge this gap by offering long-term financial stability and social security, ensuring a more secure future for millions of Indians.
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