Universal Pension Scheme: the aim of the new Universal Pension Scheme of the Central Government is to provide financial security to every citizen in old age. With this scheme, along with salaried employees, workers in the unorganized sector, self-employed and gig workers will also get the benefit of pension.
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This scheme will be voluntary, that is, people will be able to participate in it at their own will, and there will be no financial contribution from the government. The Labor Ministry has started preparing the proposal of this scheme, which will also provide pension facility to unorganized sector workers and gig workers.
This step is an important effort towards social security, which can give all sections of the society the possibility of living a secure life in old age.
Need for Universal Pension Scheme
The number of senior citizens in India is increasing rapidly, and this will have an impact on both society and the government. It is estimated that by 2036 the number of people above 60 years of age will reach 227 million, which will be 15% of the total population of the country. Given this growth, Universal Pension Scheme can be a necessary step that will provide financial security in old age and help every section of the society.
Existing Pension Schemes
Currently, the government is operating various pension schemes, such as Atal Pension Yojana and PM Shram Yogi Mandhan Yojana. Under these schemes, pension is available after the age of 60 years:
Atal Pension Yojana: In this, the pension amount can range from Rs 1000 to Rs 5000, depending on the income and contribution of the investor.
PM Shram Yogi Mandhan Yojana: In this scheme, a pension of Rs 3000 is available every month after 60 years, which is an important security cover for workers in the unorganized sector.
Benefits of Universal Pension Scheme
1. Comprehensive coverage: This scheme will cover all citizens, whether they are salaried or self-employed.
2. Financial security: This scheme will provide a guarantee of regular income in old age, which will help the elderly to avoid financial crisis.
3. Voluntary: Joining the scheme will depend on the individual’s will, giving people more freedom.
4. Unified scheme: By bringing existing pension schemes under one umbrella, it will be more accessible and effective.
Challenges of Universal Pension Scheme
1. Financial burden: If it involves government contribution, it can put a huge financial burden on the government, especially if it covers a wide number of people.
2. Administrative challenges: Implementing a huge and complex scheme can be a big administrative challenge, which will require a lot of planning and resources to run smoothly.
3. Social support: For the success of the scheme, it will be necessary to make all sections aware of it and get their support, so that it can be widely effective.
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