New Delhi, February 26, 2025.
The central government is working on a Universal Pension Scheme to provide retirement benefits to all citizens, including those in the unorganized sector. Currently, workers such as construction laborers, domestic staff, and gig workers do not have access to government pension schemes. This initiative aims to cover salaried and self-employed individuals. The government is in the process of drafting proposal documents before seeking input from stakeholders.
Unlike the Employee Provident Fund Organization (EPFO), this new scheme may integrate multiple pension programs into one universal framework, making it accessible to all citizens on a voluntary basis.
Several pension schemes are already in place for the unorganized sector, including:
- Atal Pension Yojana (APY): Provides monthly pensions of ₹1,000 to ₹5,000 after the subscriber turns 60.
- Pradhan Mantri Shram Yogi Maandhan Yojana (PM-SYM): Offers financial support to street vendors, domestic workers, and laborers.
- Pradhan Mantri Kisan Maandhan Yojana: Assists farmers with a monthly pension of ₹3,000 post-retirement at age 60.
