New Delhi. The Narendra Modi government of the Center is now preparing to bring a new Universal Pension Scheme (UPS). Under this, working workers, gig workers, people working in the unorganized sector will get financial security by bringing their employment under pension. The Universal Pension Scheme will be a voluntary scheme and any person can take advantage of it. Proposal documents of UPS are being prepared by the Union Ministry of Labor. Overall, any person above 18 years of age can take advantage of this scheme.
After the proposal document of UPS is ready, suggestions will be sought on it. However, this matter is still in the initial stage, so there is not much detail about UPS. But it is being told that in UPS, the government will not provide any contribution on its behalf like facility in EPF. This is because UPS is a voluntary pension scheme. Now the government will release the details of how much pension will be received on depositing it in it. At the same time, according to media reports, the Universal Pension Scheme will not affect the currently implemented National Pension Scheme because both of them are completely different from each other.
Currently, several pension schemes including Atal Pension Yojana are being run by the Central Government. In which the person investing gets a fixed pension after the age of 60 years. Let us tell you that many such schemes are going on in many countries like Russia, America, China, Japan and Canada to strengthen the social security system. In this, the elderly get pension as well as health insurance and many other benefits. The Universal Pension Scheme is already applicable in some countries like New Zealand, Sweden, Denmark, Norway and Netherlands.
