From what sources in the Labour Ministry told NDTV this Wednesday, the government is now working on a ‘universal pension scheme’ as to be accessible to all notwithstanding that he or she happens to belong to the unorganised sector.
At the moment, they are the construction workers, domestic staff and gig workers; all of them happen to be in the unorganised sector and do not have the provision to avail themselves of government-run large savings schemes.
All salaried employees and self-employed will also be included under the scheme.
The major difference from this new proposal and the existing ones like the Employee Provident Fund Organisation is contributions, which will not be compulsory, as the government will not prop any contribution from its side.
In general, according to sources, the idea is to provide a ‘universal pension scheme’- meaning streamlining existing pension/savings framework within the country which again is likely, with the subsumption under consideration, to cover some existing schemes.
These, according to sources, will be seen as a safe option for any citizen on voluntary basis.
Sources stated that the new scheme, under the current name ‘New Pension Scheme’, will also not replace or subsume the existing National Pension Scheme, which is also a voluntary pension scheme.
Stakeholder consultation shall only commence once the proposal document is completed, sources said.
Today, there are many government-run pension schemes meant for the unorganised sector, such as the Atal Pension Yojana, which promises a monthly return of Rs 1,000 – Rs 1,500 after the investor attains 60 years of age, and the Pradhan Mantri Shram Yogi Mandhan Yojana (PM-SYM) aimed at benefitting street vendors, domestic workers, and many more.
There are also schemes like Pradhan Mantri Kisan Mandhan Yojana aimed at farmers, which would give Rs 3,000 every month to that investor after he turns 60 years old.
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