The central government is reportedly working on a new Universal Pension Scheme, which will be accessible to all Indian citizens, including those in the unorganised sector. According to media reports, this initiative aims to streamline existing pension frameworks while ensuring financial security for individuals across different employment categories.Unlike government-backed pension schemes such as the Employees’ Provident Fund (EPF), this new pension plan will operate on a voluntary and contributory basis.
The government will not make direct financial contributions but is expected to integrate some existing pension schemes under its umbrella to simplify the pension structure.The proposal will be available to salaried employees, self-employed individuals, and those in informal sectors, such as gig workers, construction labourers, and domestic staff.
