Everyone wants to get old age pension, but it is available only to government and private sector employees. However, now the government is working on a scheme that will fulfill the pension related dreams of common people. In fact, the government is considering a public pension scheme, which will be a voluntary and contributory scheme and will aim to provide social security to all citizens.
According to reports, the Ministry of Labor and Employment has started discussions on the Umbrella Pension Scheme. Officials have given this information. A senior government official said, “The scheme will be voluntary and contributory. It is not linked to employment, so everyone can contribute and get a pension.’
What is the New Pension Plan of Government?
People familiar with this matter said that ‘the scheme is being worked on extensively under the Employees Provident Fund Organization (EPFO).’ After the blueprint of the plan is prepared, the ministry will consult with the stakeholders to finalize the plan. To make the public pension scheme more attractive, some existing central schemes will be merged to increase coverage to all sections of the society as well as to facilitate the process.
The objective of the scheme is to provide benefits to unorganized sector workers, traders and self-employed persons and to the contributory age group (18 years and above) who want to get pension benefits after 60 years.
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