India’s government is set to launch a Universal Pension Scheme. Curious about who will benefit and who won’t? Let’s break down the details. As people age, they often stress about managing their finances without a steady job. That’s why many are eager for a reliable pension system.
To prepare for retirement, numerous individuals invest in various government pension plans, aiming for financial independence. The government already offers several pension options and is now introducing a new scheme designed for everyone.
This upcoming universal pension scheme will operate under a Voluntary Contributory Plan, meaning anyone can participate. However, there will be specific eligibility criteria, and only those who meet these requirements will be able to access the benefits. Notably, individuals already receiving a government pension or benefits from a public sector entity won’t qualify.
Additionally, high-income earners and income tax payers will also be excluded from this scheme. The initiative is particularly aimed at supporting those in need. Workers in the unorganized sector, traders, and self-employed individuals will be eligible for benefits. Any citizen over 18 can sign up, and pensions will be available to participants once they reach 60 years of age.
There are a bunch of existing programs that will be included in this new scheme, and then it’ll get rolled out. Right now, the government is busy working on it, but they haven’t shared any details about when it will actually launch.