Pension scheme
Universal Pension Scheme: The government is working on a new Universal Pension Scheme. All Indians including unorganized sector will benefit from this pension scheme. At present, people of unorganized sector such as construction workers, domestic staff and Gir workers are unable to take advantage of major savings schemes run by the government. A report by NDTV quoted sources in the Ministry of Labor. The benefit of this new Universal Pension Scheme will be available to all salaried employees and people doing their own business.
Universal pension scheme
A significant difference between this new proposed plan and Mojuda schemes like EPFO will be that the contribution to earlier schemes will be on voluntary basis and the government will not contribute to itself. According to the report, the aim behind this idea is to introduce a universal pension scheme to streamline pension/saving framework in the country by incorporating some existing schemes. This scheme will become a safe option of investment for any citizen.
Replace will not replace NPS
The report quoted sources as saying that this new scheme would not replace the current National Pension Scheme. After completion of proposal documents, stakeholders will be consulted about the scheme. At present, many government pension schemes are running for the unorganized sector. These include the Atal Pension Scheme. In the APS, after the investor turns 60, a monthly pension is available from Rs 1000 to Rs 5000. At the same time, street vendors, domestic workers, labor etc. are benefited in the Pradhan Mantri Labor Yogi Manadhan Yojana (PM-SYM). Apart from this, there are schemes like Pradhan Mantri Kisan Mahanadhan Yojana for farmers, in which the investor gets a pension of Rs 3000 a month for completing 60 years of age.
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