New Delhi: To provide social security to all citizens of the country, the central government is planning to implement a nationwide Voluntary Universal Pension Scheme. The Ministry of Labour and Employment has initiated preliminary discussions on this. The Employees’ Provident Fund Organisation (EPFO) is preparing the framework for this scheme.
Under this voluntary scheme, beneficiaries above 60 years of age can receive a monthly pension of Rs3,000 by contributing Rs55 to Rs200 per month. Any individual aged 18 years or older who wants to receive a pension after the age of 60 can enroll in the scheme. This scheme will be voluntary and contribution-based, and it will not be linked to employment. Therefore, everyone will have the opportunity to participate and earn a pension through this scheme.
The scheme aims to include workers in the unorganized sector, business owners, and self-employed individuals. The government is also considering merging various existing pension schemes. The Atal Pension Yojana may also be integrated into this scheme, which is currently managed by PFRDA. Additionally, the central government may invite states to integrate their pension schemes into this program.
Notably, by 2036, the population of senior citizens (aged 60 years and above) is projected to reach 227 million, which will be 15% of the total population. By 2050, this number is expected to rise to 347 million (20Rs).
The objective of this initiative is to streamline the existing central pension schemes by integrating them into a single, simplified process. The central government is also planning to include M-SWAYAM and NPS-Traders under this Voluntary Universal Pension Scheme.