The government is planning to launch a universal pension scheme for the general public and has already begun preparations for it, according to sources cited by NDTV.
This scheme will also benefit workers in the unorganized sector, providing them with much-needed pension security.
Currently, pension benefits are limited to employees in government and private jobs.
Although the government introduced the National Pension Scheme for the public in 2009, it has not gained significant interest.
The new universal pension scheme aims to cover a larger section of the population and ensure financial security after retirement.
The new scheme will benefit both salaried and self-employed individuals
Experts highlight that a significant portion of the population works in the unorganized sector, where most of their income is spent on daily needs, leaving little room for savings.
As a result, they often face financial difficulties in old age. The Universal Pension Scheme aims to support both salaried employees and self-employed individuals.
Contributions to this scheme will be voluntary, and the government will not provide any financial support.
Current Pension Options: NPS and APY
The government may integrate some existing schemes into the new universal pension scheme to implement it effectively.
It is said that once the draft of the new scheme is finalized, the government will begin consultations on it.
Workers in the unorganized sector currently find it difficult to invest in NPS. However, they have the option to invest in the Atal Pension Yojana (APY).
Under this scheme, investors can receive a pension ranging from Rs 1,000 to Rs 5,000, which starts after they turn 60 years old.
A New Pension Scheme for the Common People
There is a growing need for a pension scheme that includes people from all income groups.
Experts suggest that the government may introduce a scheme that falls between the National Pension System (NPS) and the Atal Pension Yojana (APY).
Currently, APY offers a relatively low pension amount, while NPS is somewhat complex for the general public, especially those with lower incomes.
The new scheme aims to address these issues. Before launching the Universal Pension Scheme, the government will seek public opinion on its features and benefits.
