Modi Govt’s Universal Pension Scheme: A big announcement is expected soon from the Modi government, which could be a game-changer for millions of Indians! Reports suggest that the government is working on a Universal Pension Scheme, which will allow every Indian citizen to secure their future financially, even if they are not in a government or private job.
This means that not just salaried employees, but self-employed individuals, daily wage laborers, and small business owners can also enjoy pension benefits in their old age. If implemented, this will be one of the biggest social security moves by the Indian government.
Modi Govt’s Universal Pension Scheme
According to reports by Economic Times, this Universal Pension Scheme will be voluntary and based on individual contributions. Unlike traditional pension schemes where the government or employer contributes a portion, here, individuals will need to invest a certain amount to get benefits after retirement.
This scheme aims to provide financial stability to all, especially those working in the unorganized sector, such as construction workers, gig workers (cab drivers, delivery partners), and small shopkeepers.
Currently, pension benefits in India are mainly limited to government employees or private employees covered under EPFO. However, lakhs of people in the country who work independently or in informal jobs have no security for old age.
The government wants to ensure financial security for everyone, which is why this scheme is being planned. The report also states that the government may merge some existing pension schemes into this new initiative.
Who Will Benefit & When Will It Launch
The biggest beneficiaries of this Universal Pension Scheme will be self-employed individuals, daily wage laborers, and workers in the informal sector who do not have any pension arrangement. Even those who are currently working but want to ensure a steady income after 60 years of age can invest in this scheme.
Though no official launch date has been announced yet, reports indicate that the Ministry of Labour and Employment is already working on it. The government might also encourage state governments to merge their existing pension schemes with this initiative, making it a truly pan-India pension system.
Meanwhile, government employees will also get a choice between the National Pension System (NPS) and the newly announced Unified Pension Scheme (UPS), which will be applicable from April 1, 2025.
A Major Step Towards Financial Security
If implemented, this Universal Pension Scheme could transform the way India provides financial security to its citizens. Currently, many developed nations like the USA, Canada, and European countries already have similar pension schemes where people from all professions get pension benefits.
Given that India’s senior citizen population is expected to reach 35 crore by 2050, such an initiative is the need of the hour. Whether this scheme will be affordable and beneficial for the common man remains to be seen, but the fact that the government is working on a social security net for all is a welcome move.
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