Universal pension scheme: The central government is allegedly working on a new Universal Pension Scheme, which will be able to provide financial security to people beyond traditional job-based schemes. According to the ET report, the Ministry of Labor has started a discussion on a voluntary and contributory plan, which will allow persons from all fields to invest in their retirement regardless of their employment status.
According to the report, the idea behind launching such a scheme is that the existing pension schemes have to be brought under one umbrella, making it quite easy, for traders and 18 years or older for people with self -employment.
The voluntary and contributory pension scheme will be open to all and will not be limited to any job or business area. This scheme can also include the current pension schemes running by the government to increase coverage to all sections of the society. It states that all the people in the age group of 18 to 60 years will be eligible to get pension benefits after the age of 60 years under this scheme.
At present, the government in India runs many pension schemes for people coming from many sections of the society. The job of these schemes is to ensure the financial security of every person.
If you work in the unorganized sector and are concerned about your retirement, then this plan can be beneficial for you. After the age of 60, it gets monthly pension from Rs 1,000 to Rs 5,000.
It is a voluntary retirement scheme, which is open to government, private sector employees and common citizens. By investing in this, you can get both lump sum and pension at the time of retirement.
This scheme is made to secure your future. Let me tell you, in this scheme, the employer deposits 8.33% of his salary in the pension fund, which gives you pension after retirement.
