The Centre is working on a Universal Pension Scheme (UPS) that aims to provide social security to all.
The proposed scheme — being worked out by the Union Ministry of Labour and Employment — would allow people to contribute voluntarily and receive pension benefits after retirement.
Since the proposed scheme is open to all, even self-employed and unorganised-sector workers can also join and contribute funds for this, said an official in the ministry.
However, the government is unlikely to contribute any funds in the new scheme.
The government expects that the scheme will benefit a large section of people, including the self-employed, unorganised-sector workers, gig workers, traders, and those aged 18 and above who want to secure pension benefits after turning 60, said the official.
The new plan is likely to integrate existing pension schemes like the Pradhan Mantri Shram Yogi Maandhan (PM-SYM), the National Pension Scheme for Traders and Self-Employed (NPS-Traders), and the Atal Pension Yojana.
The government will hold discussions to encourage state governments to merge their pension schemes with this new initiative to increase pension payouts and avoid duplication of beneficiaries, said the official.
Many countries in the world have proper social-security schemes. The social security system in India at present mainly depends on the provident fund system.
Source : https://www.deccanherald.com/india/centre-working-on-universal-pension-scheme-for-all-3423556