Govt Pension Scheme: Every Citizen to Get Pension After 60 – Know the Government’s Plan
The government is working on a Universal Pension Scheme to ensure financial security for every citizen after the age of 60. This initiative aims to extend pension benefits beyond government and private sector employees, covering self-employed individuals, traders, and workers in the unorganized sector.
Universal Pension Scheme: A Step Towards Social Security
According to an Economic Times (ET) report, the Ministry of Labor and Employment has initiated discussions on an Umbrella Pension Scheme under the Employees’ Provident Fund Organization (EPFO). A senior government official stated:
"This scheme will be voluntary and contributory, meaning it will not be linked to employment. Anyone can contribute and receive a pension after 60."
Government’s Plan for the Pension Scheme
- The government is working on an extensive framework to implement the scheme.
- Once the blueprint is finalized, the Labor Ministry will consult stakeholders before official implementation.
- Existing pension schemes may be merged to streamline the process and increase coverage.
- The scheme aims to benefit workers in the unorganized sector, traders, and self-employed individuals who currently lack a pension plan.
Merger of Existing Schemes
To make the Universal Pension Scheme more attractive, some current government pension schemes may be integrated into it, such as:
- Pradhan Mantri Shram Yogi Maandhan Yojana (PM-SYM)
- National Pension Scheme for Traders and Self-Employed (NPS-Traders)
Both schemes provide a monthly pension of ₹3,000 after 60 years. Subscribers contribute ₹55 to ₹200 per month, depending on their age at enrollment, with the government matching their contribution.
Conclusion
The Universal Pension Scheme could be a game-changer, ensuring financial security for millions in their retirement years. If implemented successfully, this scheme will allow every citizen to contribute and earn a pension, making old-age financial planning more inclusive and accessible.
Stay tuned for further updates on the government’s pension reforms!
