As people age, their physical strength decreases, making it difficult to stay financially active. Many elderly individuals experience stress during their retirement years. To address this, the central government has introduced the Universal Pension Scheme, providing pension benefits to everyone, regardless of their employment type. Who will be eligible for this pension, and what additional benefits are available? Read today’s full report to learn more.

What is the Universal Pension Scheme?

Currently, there are pension schemes for government and private sector employees, but people working in the informal sector, especially the common man, do not have the same options. To address this issue, the government is working on a Universal Pension Scheme to provide pension benefits to people outside traditional job-based systems. This scheme is designed for those who are self-employed, work in the unorganized sector, or are engaged in business.

Key Features of the Universal Pension Scheme

  • The scheme aims to unify various government pension schemes and expand coverage to include more workers.
  • Anyone between the ages of 18 and 60 can join the scheme.
  • Participants will be eligible for pension benefits after turning 60.
  • It is a voluntary scheme where individuals can join and contribute based on their financial capacity.

Benefits of the Universal Pension Scheme

The Universal Pension Scheme is meant for individuals who have not benefited from existing pension schemes available to government and private employees. This scheme will allow people from all walks of life to secure their financial future after retirement.

Other Government Pension Schemes

The central government already offers several pension schemes targeting different sections of society. Some of these are:

  1. National Pension System (NPS): A voluntary, contribution-based pension scheme.
  2. Atal Pension Yojana (APY): Aimed at providing pension benefits to unorganised workers.
  3. Pradhan Mantri Kisan Maandhan Yojana (PM-KMY): A pension scheme for farmers, ensuring financial security after the age of 60.
  4. Pradhan Mantri Shram Yogi Maandhan Yojana (PM-SYM): A pension scheme for unorganized workers, offering pension benefits after age 60.