India Plans Universal Provident Fund to Cover Gig and Self-Employed Workers
India is considering a universal provident fund (UPF) scheme designed to extend retirement savings benefits to unorganised sector workers and the self-employed. The proposed framework would allow these workers to voluntarily set aside a portion of their income into a dedicated provident fund account. Contributions made under the scheme would earn interest at rates comparable to those offered by the existing Employees' Provident Fund Organisation (EPFO). The initiative aims to bring financial security to millions of workers currently excluded from formal social protection systems.
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