As per the top order government officials, government can launch a new Pension scheme policy where the mandatory enrolment of workers in the pension scheme when they join the workforce while giving them the flexibility to decide their contribution, as part of fresh efforts to provide robust social security for millions of workers.
An employee and employer can also contribute Rs. 100 as part of a system of auto-enrolment. the government has announced as per the government announcement, ‘the plan in the union annual budget will provide for inter-operability of schemes and provide safeguards for the accumulated corpus. Also, Finance secretary Mr. Rajeev Kumar stated that People who are young today need to save for tomorrow,
Currently, Insurance companies are selling pension plans mutual funds as well as companies that operate under the National Pension System regulated by the Pension Fund Regulatory and Development Authority of India. In addition, the Employees Provident Fund Organisation provides Employees Pension Scheme by transferring a part of the employee’s and employer’s contribution in addition to the Employees State Insurance Corporation.
