Government Plans New Pension Scheme: Could More Workers Get Retirement Benefits?
The Central Government is reportedly working on a new contributory pension scheme to provide retirement benefits to a larger number of workers across India. The proposed plan aims to cover not only employees in the organised sector but also gig workers, platform workers, and those in the unorganised sector who are not fully covered by the current Employees’ Pension Scheme (EPS). Under the proposal, workers and employers would contribute regularly, and the retirement savings would be invested mainly in government-backed securities for greater safety. The pension fund would gradually grow over time and provide a monthly pension after retirement, likely from the age of 60. The proposal is still under discussion and has not yet been officially approved.