The central government is preparing to bring a big change in the EPFO. This year the government is planning to bring the PM Shram Yogi Mandhan Yojana (pm shram yogi mandhan yojana) and the National Pension Scheme under the ambit of the EPFO.
New Delhi: The central government is preparing to bring a big change in the EPFO. This year the government is planning to bring the PM Shram Yogi Mandhan Yojana (pm shram yogi mandhan yojana) and the National Pension Scheme under the ambit of the EPFO. According to the money control news, the government is considering to bring both PM-SYM and NPS schemes under the ambit of EPFO. At present, the administration of these two schemes is with LIC.
The government believes that when this scheme comes under the ambit of EPFO, then the number of people investing in it will increase. Right now very few people are investing in this scheme.
What is PM Shram Yogi Maandhan Yojana?
Let us know that PM Shram Yogi Maandhan Yojana was started in February 2019. PM Shram Yogi Maandhan is a special scheme of the Modi government to provide financial security to the low income people of the unorganized sector in old age. There is a provision of monthly pension of Rs 3000 and Rs 36 thousand annually after the age of 60 years for making very small contribution every month through this scheme.
Under this scheme, any Indian citizen who is between 18 years to 40 years old can join. Under this scheme, the account is opened with very easy terms and less documentation.
NPS (National Pension System)
The National Pension System was introduced in the year 2019. Under this scheme, the central government brought a pension plan for traders and traders. Retail businessmen, shopkeepers and people doing their business can invest in it. Apart from this, you can take advantage of pension in old age. After 60 years, pension scheme is given in this scheme.