Govt Launches Universal Pension Scheme: See Who Can Apply & Benefits

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Launched by the government recently, the Universal Pension Scheme, in itself, had lots of wonder steps such as fulfilling the objective of financial security for every citizen including those in the unorganized sectors in the workforce. The scheme is to ensure that every citizen, no matter which profession he or she belongs to, will be able to draw such pension benefits later on in life and will thus get deserved financial sustenance at retirement.  

Universal Pension Scheme  

The Universal Pension Scheme assures guaranteed monthly pension benefit to each citizen at a specific age. The scheme covers every man and woman, contrary to most others that stipulate government employees or formal sector employees. Here, coverage applies to self-employed or those employees in unorganized sectors of work.  

This is actually part of the new vision of the government to develop a social safety net for the elderly as they could be dignified in their lives without financial dependence.  

Key Benefits Of Universal Pension Scheme  

  1. Guaranteed Monthly Pension- the eligible beneficiary, upon having attained the specified age, will get a monthly fixed amount from the government.  
  2. Covering all citizens- actually, the scheme would include hovernment employees, private-sector employees, self-employed workers and informal-sector workers.  
  3. Very Low Contribution Amounts- hence a worker can spend a small amount during his __working years__ for availing of this benefit after retirement.  
  4. Partial Government Contribution- The government can fund part of the pension being provided to low-income individuals so that it can reach every corner.  
  5. Flexible Pension Options- The beneficiaries can choose the age at which they wish their pension to commence according to their monetary needs.  

Eligibility Criteria For Universal Pension Scheme  

To be eligible for enrollment in the Universal Pension Scheme, individuals should meet the below eligibility criterias:  

  • Age Bar: The age bracket allows candidates to start their contribution to the scheme if they are not below 18 years but not above 60 years.
  • Employment Status: open to all working individuals-daily wage earners, private employees, self-employed professionals, and government employees. 
  • Contributory Period: The person must be contributory for a specific minimum number of years to avail the benefits which can range anywhere between 10-15 years. 
  • Income Criteria: The government might subsidize the contribution by poor people. 

Winning The Universal Pension Scheme

  1. Go to the official government pension portal or visit any EPFO or other government office nearby.  
  2. Fill in the registration form with the necessary employment and personal details.  
  3. Submit required documents such as Aadhaar, PAN, and bank details.  
  4. Start contributing according to the pension plan of your choice.  

Also Read: Big News For EPFO Employees: Pension To Increase from April, Know More  

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