Pension
Indian government planning to introduce new 'universal pension scheme' for all citizens
The Indian government is working to introduce a 'universal pension scheme' for people belonging to all sections of society, including those belonging to the unorganised sector, media reports said.
The unorganised sectors in India do not have access to government-run large savings schemes at present.
The planned scheme, if implemented, will be open to all salaried and self-employed people.
According to media reports, the scheme, who will avail of the scheme, will have the option to contribute on a voluntary basis.
The government will not make any contribution from its side.
The general idea, sources told NDTV, is to offer a 'universal pension scheme' - i.e., to streamline the pension/savings framework in the country by likely subsuming a few existing schemes.
These, sources told the Indian news channel, will be seen as a safe option for any citizen on voluntary basis.
The new scheme, dubbed 'New Pension Scheme' for now, will also not replace or subsume the existing National Pension Scheme, also a voluntary pension scheme, sources stressed.
Stakeholder consultation will begin once the proposal document is completed, sources told NDTV.
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