Universal Pension Scheme: The central government is reportedly working on a new universal pension scheme that will provide financial security to people beyond the traditional job-based schemes. According to a report by ET, the labor ministry has initiated a discussion on a voluntary and contributory scheme that will allow individuals from all sectors to invest in their retirement regardless of their employment status.

According to the report, the idea behind launching such a scheme is to bring existing pension schemes under one umbrella, making it much easier for traders and self-employed individuals aged 18 years and above.

The contributory pension scheme will be open to all.

The voluntary and contributory pension scheme will be open to all and will not be restricted to any job or business sector. The scheme may also subsume existing pension schemes run by the government to increase coverage to all sections of society. It states that all people in the age group of 18 to 60 years will be eligible to receive pension benefits after the age of 60 under this scheme.

Major Government Pension Schemes in India

At present, the government in India runs many pension schemes for people coming from various sections of society. The work of these schemes is to ensure the financial security of every person.

Atal Pension Scheme

If you work in the unorganized sector and are worried about your retirement, then this scheme can be beneficial for you. After the age of 60, it provides a monthly pension ranging from Rs 1,000 to Rs 5,000.

National Pension System

This is a voluntary retirement scheme, which is open to government, private sector employees, and common citizens. By investing in it, you can get both a lump sum and a pension at the time of retirement.

Employee Pension Scheme

This scheme has been created to secure your future. Let us tell you, in this scheme run by EPFO, the employer deposits 8.33% of his salary in the pension fund, from which you get a pension after retirement.

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