New Delhi: To provide financial stability outside of traditional work-based plans, the Centre is developing a universal pension plan.
The plan is designed to simplify current pension plans and improve accessibility, especially for unorganized workers, traders and self-employed people. The program will be available to everyone regardless of their job or business.
The ET report noted that the Department of Labor has initiated talks on a voluntary and contributing pension plan that will enable people from all backgrounds to save retirement for retirement without regard to their working conditions.
According to the report, once the framework is established, the government will meet with key stakeholders to refine the details.
According to sources cited by ET, the universal pension plan is a voluntary contribution plan designed to provide social security to all. Anyone can use it, including unorganized departmental work, traders and self-employed groups. Pension benefits can be used for people aged 18-60.
The report also suggests that to attract more people, the plan may include several government pension plans currently offered, such as Pradhan Mantri-Shram Yogi (PM-SYM) (PM-SYM) and the national pension plans for state traders and self-employed people (NPS-Traders).
The central government can encourage states to integrate their pension plans under the umbrella plan to ensure equal government donations distribution, increased pension amounts and no beneficiary duplication.
