Wed Feb 26 08:48:00 UTC 2025: ## India Plans Universal Voluntary Pension Scheme
**New Delhi, [Date]** – The Indian government is developing a universal pension scheme aimed at providing access to retirement savings for all citizens, regardless of employment sector, according to sources within the Labour Ministry. This initiative will notably include the millions currently working in the unorganised sector, such as construction workers, domestic help, and gig workers, who currently lack access to major government-sponsored savings plans.
Unlike existing schemes like the Employee Provident Fund Organisation (EPFO), participation in the proposed “New Pension Scheme” will be entirely voluntary, with no government contributions. The plan intends to simplify the existing pension landscape by potentially merging several existing schemes into a single, streamlined system. Sources emphasized that this new scheme will not replace the existing National Pension Scheme (NPS).
The proposed scheme aims to offer a safe and accessible voluntary pension option for all citizens, including salaried employees and the self-employed. Currently, several government pension schemes cater to specific segments of the unorganised sector, including the Atal Pension Yojana and Pradhan Mantri Shram Yogi Mandhan Yojana (PM-SYM). Similar schemes exist for farmers.
The government will initiate stakeholder consultations once the proposal is finalized. Further details on contribution amounts, benefits, and the exact timeline for implementation are yet to be released.
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