By Ishita Malakar
The Government of India has been since some time now working on a newer and better structured ‘universal pension scheme’ which can be availed by citizens working under any sectors, be it the organised or unorganised work sectors as was mentioned by higher authorities from the Labour Ministry recently.
The larger savings schemes provided by the government right now are only accessible and available for people who worked in higher authorities and industry sectors but not to those working in the unorganised sectors like construction, domestic staff and also for gig workers. This scheme however will also be available and open to employees who earn a monthly salary and even for those who are self employed.
But a distinction has been laid between the previously existing schemes and the newer proposals is that just like the Employee Provident Fund Organisation, the contributions for the former will be on a voluntary basis and no contributions by the government will be made from their side.
This new universal pension scheme is made to streamline the pension and savings framework by subsuming a few existing schemes. And these schemes will also provide safety for every citizen opting for it on a voluntary basis.
The pre-existing National Pension Scheme will not be replaced or even subsumed under this new Universal Pension Scheme and it can be opted by citizens voluntarily.
Some of the pension schemes run by the government right now are Atal Pension Yojana, which functions for the unorganized sector and gives the pensioners a monthly return of Rs. 1000- Rs. 1500 after the investor turns 60 and also the Pradhan Mantri Shram Yogi Mandhan Yojana that helps those in the lower sectors like street vendors, domestic workers, and even labourers among many others. The Pradhan Mantri Kisan Mandhan Yojana provides a monthly relief of Rs. 3000 only after the investor has turned 60 years.