Universal Pension Scheme: There is a major update regarding UPS or Universal Pension Scheme. To secure the future of the people, the central government is going to introduce a universal pension scheme. The Union Ministry of Labor and Employment is working on the process related to pension. The process related to pension will be finalized within the next few months. After that, it will be sent for cabinet approval.
It is believed that by the end of this year, people will start getting benefits of the pension scheme. This pension scheme will be flexible, in which the contributor will be given many options. He will also be able to contribute more as per his wish. People from the unorganized sector will be included in this.
Why is the government bringing this new scheme
Sources say that the government is working towards introducing a pension scheme to ensure social security. In this, many options will be given to the workers. Apart from the minimum contribution, people will also be able to deposit the additional amount of their savings in the pension account, the amount deposited by them will be credited as pension after retirement.
For example, if a worker contributes Rs 3,000 every month to his pension account and he has a provision of Rs 30,000 or Rs 50,000 in between, then he can deposit that amount in his account as pension contribution. It is being told that apart from this, he can also select the period for starting the pension.
For example, the government has fixed the minimum age of 58 years, but if at that time a person feels that he does not need pension right now, then he can choose the age of starting pension as 60 years or more.
The government is trying to ensure that everyone can avail the benefits of the pension scheme. There will be no compulsion of employment for this. If a person wants to secure his future, he can also contribute to it. That is, if someone runs his own shop and wants to secure some amount of his savings for the future as pension, he can also join the pension. The age limit to join the pension scheme will be 18 years, but even after that anyone can join the pension scheme.
Therefore, work is going on to expand the pension scheme. The Ministry of Labor is also taking opinions from experts and people from the unorganized sector. It is estimated that by the year 2036, the total number of elderly people in the country will be more than 22 crores, whose number will increase continuously. In such a situation, there is an attempt to secure their future through the pension scheme.