Modi government’s new scheme, all citizens will get pension!
A new pension scheme will be introduced for every citizen in developing nation India. Modi government is planning to introduce Universal Pension Scheme. So that every citizen of the country can get financial support in old age. If the news is to be believed, the Labor Ministry has also started work on this scheme.
Every citizen will get pension facility
The most special thing about Universal Pension Scheme is that any Indian citizen can contribute to it. The government is considering implementing this scheme under EPFO. At present, its blueprint is being prepared and it will be made better by bringing it in the public domain and discussing with experts, various ministries and stakeholders.
If the news is to be believed, the government wants this scheme to be more beneficial especially for the workers of the unorganized sector, self-employed and small businessmen. For this, the government can also include some existing schemes in it.
These schemes can be included
However, the government has not yet clearly stated which schemes will be included in it. But some existing pension schemes can be added to it.
Pradhan Mantri Maan-Dhan Yojana and National Pension Scheme: Both of these are voluntary schemes. In which a pension of up to Rs 3000 is available every month after the age of 60 years. In this, an investment of Rs 55 to 200 has to be made every month and the government also contributes the same amount.
Atal Pension Scheme: It currently comes under PFRDA (Pension Fund Regulatory and Development Authority), but it can also be made a part of the Universal Pension Scheme.
Pension for workers in the construction sector: A cess is collected under the Construction Workers Welfare Fund for the workers working in the building and construction sector. The government can also link this fund to the pension scheme, so that the workers of this sector can also get financial security in old age.
Apart from this, the central government can also encourage the state governments to join it. So that they can increase the amount by linking their existing pension schemes to this scheme and more and more people can get the benefit.
Growing elderly population in India and need for pension
According to the United Nations’ India Aging Report 2023, by 2036, 15% of India’s total population will be elderly. While by 2050 this figure can reach 20%. In such a situation, it becomes very important for the government to take steps towards providing social security to its citizens like countries like America, Europe, China, Canada and Russia.
At present, the main basis of social security in India is the fund and pension system. But it is still very limited. In such a situation, this Universal Pension Scheme can prove to be a big step towards strengthening India’s social security structure and providing financial security to millions of people in old age.
