Will the govt be able to give pension to every citizen?
Even today there are crores of people in india who are living without pension in their old age. They have neither any regular income, nor any savings. These are the same people who work in the unorganized sector, such as laborers on construction sites, domestic workers and gig workers. In view of the growing concern of these people and the rapidly increasing number of elderly people in the country, the government is now considering a 'Universal Pension Scheme' (UPS). The aim of this scheme is to provide financial security to all the citizens of the country, so that they can avoid financial crisis after their retirement.
This scheme of the central government is especially for those who do not have any arrangement like pension. Not only salaried employees will get the benefit of this scheme, but self-employed and those working in the informal sector will also get the benefit of this security net. The outline of this scheme is currently being prepared by the government and after this suggestions and proposals will be taken from various stakeholders.
While there is no doubt that if UPS is implemented, it can prove to be a much-needed safety net for millions of people who do not have a fixed source of income after retirement, many questions are also being raised about this scheme.
click and follow Indiaherald WhatsApp channel