Universal Pension Scheme: The central government is preparing to bring all individuals over the age of 18 under the purview of the universal pension scheme, which will provide pensions to all types of workers, including employees from both organized and unorganized sectors. According to sources from the Ministry of Labour and Employment, whether you work in a private job, run a shop, or do labor, there will be a voluntary and contributory pension scheme for all citizens.
The central government is preparing to bring a universal pension scheme. According to reports, the government is seriously considering this, and the labor ministry has begun the work of preparing the proposal document. In the universal pension scheme, the government could create a universal pension scheme by including various types of plans, bringing all salaried employees and self-employed individuals under the pension umbrella. After the proposal document is prepared, suggestions will be invited.
Universal Pension Scheme Overview
According to sources, any person over the age of 18 who wishes to receive a pension after 60 years will be able to benefit from this scheme. To provide secure old age to the rapidly growing elderly population in India, the government is working on a universal pension scheme. Initial discussions on this scheme have begun in the ministry, and it is believed that the Employees’ Provident Fund Organization has been tasked with drafting it. The objective of the universal pension scheme is to provide pension benefits to not only salaried individuals but also to those working in the unorganized sector, traders, and self-employed candidates.
| Topic | Universal Pension Scheme |
| Oganizer | central government |
| Age Limit | all individuals over the age of 18 under |
| Mode of Application | Online |
| Mode of Payment | Direct transfer to the beneficiary’s bank account |
| Payout Age | To be decided (expected after 60 years) |
Universal Pension Scheme Update
Work is underway on the proposal document for the Universal Pension Scheme, and nothing official has been released yet. It is believed that this will be a contributory scheme, meaning that individuals applying will have to deposit some money every month, and the government will also contribute. After the age of 60, the pension amount will be determined based on the total contribution of the individual to the pension fund, the government’s contribution, and the returns received on it.
Objectives of the Scheme
The Universal Pension Scheme aims to:
- Provide financial security post-retirement.
- Encourage savings culture among youth.
- Ensure a stable income source for senior citizens.
- Reduce dependency on government welfare schemes in old age.
Eligibility Criteria
To enroll in the scheme, individuals must:
- Be Indian citizens
- Be at least 18 years old
- Have a valid bank account
- Provide Aadhaar card and PAN details (for verification)
Government Support
To make the scheme accessible for all, the government may:
- Provide partial subsidies for lower-income groups.
- Offer tax benefits on contributions.
- Ensure easy registration via online and offline modes.
Registration Process
Individuals can enroll in the Universal Pension Scheme through:
- Online Application – Register through the official government portal.
- Bank Enrollment – Visit designated banks for offline registration.
- Common Service Centers (CSC) – Assistance available at CSC centers nationwide.
- Employer-Sponsored Enrollment – Employers may contribute on behalf of employees.