Major changes are being made in EPFO, this will benefit about 40 crore workers working in the unorganized sector.
EPFO: There may be a big change in EPFO this year. The government is now expanding its scope to bring the National Pension Scheme (Pradhan Mantri Shram Yogi Maandhan- PM-SYM), National Pension Scheme for Traders (Traders) and Self Employed (EPFO) Is considering for If everything goes well, it can be announced soon.
According to media reports, the government is considering several ways to change this. The government is considering bringing both PM-SYM and NPS schemes under the ambit of EPFO. Currently, the administration of both these schemes is with LIC. If the scheme is brought under the ambit of EPFO, then the number of people investing in PM Shram Yogi Maandhan Yojana and National Pension Scheme is expected to increase. So far, very few people have invested in these schemes.
PM Shram Yogi Maandhan Yojana
Please tell that PM Shram Yogi Maandhan Yojana was launched in February 2019. Under this scheme, people working in the unorganized sector of 18 to 40 years can deposit from Rs 55 to Rs 200 every month. The central government deposits as much contribution as the employee will. After 60 years, every employee will get a monthly pension of at least Rs 3,000 per month.
National Pension Scheme
Similarly, in the year 2019, the Modi government launched the National Pension Scheme for traders and those doing their own business. Under this scheme, retail traders, shopkeepers and people doing their business can invest. On attaining the age of 60 years, they get pension, though part of the scheme can become the same merchants whose annual turnover does not exceed Rs 1.5 crore. There is no data on how many people have invested in this scheme so far.