India's EPFO working on universal pension scheme for all workers
Big update: India's EPFO is working on a new pension scheme that's open to everyone, including gig and unorganized sector workers.
You put in regular contributions, which are invested in safe government-backed securities, and your savings earn interest each year.
When you hit 60, you may be able to turn your total savings into monthly pension payouts.
UAN links contributions from multiple sources
This scheme isn't just for traditional employees; gig workers, platform workers, unorganized sector workers, and others who usually miss out on pension benefits are now included.
Contributions can come from multiple sources: your employer, government co-funding, CSR funds, or even third parties.
Each worker gets a Universal Account Number (UAN), so all their contributions from different jobs stay linked and easy to track.
Family Benefit Fund backs survivor pension
There's also a proposed survivor pension feature funded by a pooled "Family Benefit Fund."
If something happens to you, your family gets financial support, making the whole setup more secure for everyone involved.