Universal pension scheme News

The Indian government is developing a universal pension scheme for all citizens, including those in the unorganised sector. The scheme will cover individuals aged 18 and above, including unorganised workers, traders, and self-employed people, ensuring broader access to pension benefits. This initiative aims to provide financial security to workers who are currently excluded from large government savings programs.

A private member's bill that seeks to provide monthly pension of Rs 5,000 to a retired person from unorganised and private sectors on Friday received support from members cutting across party lines in the Lok Sabha.