New Delhi:
Labor Department sources told NDTV on Wednesday that the government is developing a “universal pension plan” that includes all citizens, including those in unorganized departments.
Currently, those in unorganized sectors such as construction workers, domestic workers and gig workers do not have access to large government-run savings plans.
The program will also be open to all salaried employees and self-employed individuals.
However, the key difference between this new proposal and existing plans such as Employee Provident Fund Organisations is that contributions to the former will be voluntary and the government will not make any contribution in its aspect.
The overall idea is to provide a “universal pension plan” – i.e., to simplify the country’s pension/savings framework by possibly including some existing plans.
Sources said these will be considered as voluntary security options for any citizen.
Sources stressed that the new plan, known as the “new pension plan”, will not replace or include the existing national pension plan (also a voluntary pension plan).
Sources said that once the proposal documents are completed, stakeholder consultation will begin.
As of today, several government-run pension schemes target unorganized sectors such as Atal Pension Yojana, which offer returns of Rs 1,000-Rs 1,500 per month after investors turn 60, Pradhan Mantri Shran Shram shram yogi mandhan yojana ( PM-SYM), aims to benefit street vendors, domestic workers or workers, etc.
There are also plans designed for farmers, such as Pradhan Mantri Kisan Mandhan Yojana, which offers Rs 3,000 per month after investors are 60 years old.
