Wed Feb 26 08:48:56 UTC 2025: ## India Plans Voluntary Universal Pension Scheme
**New Delhi, [Date]** – The Indian government is developing a voluntary universal pension scheme aimed at providing pension access to all citizens, including those in the unorganized sector, sources within the Labour Ministry revealed to NDTV today. Currently, millions working in informal sectors like construction, domestic service, and gig work lack access to comprehensive government-backed savings schemes.
The proposed “New Pension Scheme” will be open to salaried employees, the self-employed, and all citizens. Unlike existing schemes such as the Employee Provident Fund Organisation, participation will be entirely voluntary, with no government contributions. The goal is to simplify the existing pension landscape by potentially merging some existing programs into a single, easily accessible option.
The new scheme will not replace the existing National Pension Scheme, another voluntary program. The government intends to consult with stakeholders once the proposal is finalized.
This initiative builds upon existing schemes like the Atal Pension Yojana and Pradhan Mantri Shram Yogi Mandhan Yojana, which currently offer monthly pensions of ₹1,000-₹1,500 and cater to specific segments of the unorganized sector. Similar schemes exist for farmers. The new universal scheme aims to provide a more comprehensive and accessible solution for all Indian citizens seeking voluntary pension coverage.
First Piper 