The central government is working to bring a ‘universal pension scheme’ that will be accessible to all citizens, including those working in the unorganised sector, a report published on NDTV said.
The proposed scheme will also be available to salaried employees and self-employed individuals.
A key difference between this initiative and existing schemes, such as the Employee Provident Fund Organisation, is that participation will be entirely voluntary, with no financial contributions from the government.
Currently, individuals in the unorganised sector—such as construction workers, domestic helpers, and gig workers—lack access to major government-backed savings schemes.
These schemes will be positioned as a secure savings option for citizens who wish to participate voluntarily.
According to sources, the aim is to introduce a ‘universal pension scheme’ to simplify and unify the country’s pension and savings structure, potentially integrating some existing schemes.
The new initiative, temporarily referred to as the ‘New Pension Scheme,’ will not replace or merge with the existing National Pension Scheme, which also operates voluntarily, the report highlighted.
