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Modi Govt's Big Welfare Push: Universal Pension Coming Soon For All Indians; Check Eligibility, Benefits, Other Details
The Indian government is developing a universal pension scheme for all citizens, including those in the unorganised sector. The scheme will cover individuals aged 18 and above, including unorganised workers, traders, and self-employed people, ensuring broader access to pension benefits. This initiative aims to provide financial security to workers who are currently excluded from large government savings programs.
Introduction to the Universal Pension Scheme
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The Indian government is working on a universal pension scheme that will be available to all Indian citizens, including those in the unorganised sector. The scheme is designed to cover individuals from all walks of life, especially unorganised workers, traders, and self-employed individuals aged 18 and above. This pension scheme will not be tied to any specific employment, ensuring broader access.
Target Audience for the Scheme
The scheme aims to include individuals aged 18 and above, with a special focus on:
Unorganised workers TradersSelf-employed individuals This initiative ensures that people from diverse backgrounds can benefit, including those without formal employment.
Impact on Unorganised Sector Workers
This new scheme will be a significant benefit for workers in the unorganised sector, such as construction laborers, domestic staff, and gig workers, who currently do not have access to large government savings schemes. It will provide them with a much-needed retirement safety net.
Existing Pension Systems
The New Pension System (NPS) is already available to all Indian citizens, including those living abroad, aged between 18 and 70 years. Corporate employees can also participate in NPS, extending the benefits to their workforce.
Pradhan Mantri Shram Yogi Maan-dhan Scheme
The government also runs the Pradhan Mantri Shram Yogi Maan-dhan scheme, which focuses on providing old-age protection for workers in the unorganised sector. This scheme requires applicants to not be covered under NPS or other schemes and not be income tax payers.
Benefits of the Pradhan Mantri Shram Yogi Maan-dhan Scheme
The Pradhan Mantri Shram Yogi Maan-dhan scheme provides a minimum assured pension of ₹3,000 per month after the age of 60. In the event of the pensioner's death, their spouse is entitled to 50% of the pension amount as a family pension.
Next Steps
The new universal pension scheme is expected to be a major step forward in extending financial security to millions of unorganised sector workers. With a focus on inclusivity, it will make pensions accessible to a much larger group of people across India.
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