New Delhi, July 19 -- The government is working on a new contributory pension scheme that could significantly expand retirement coverage beyond the existing Employees' Pension Scheme (EPS), according to a report by The Indian Express.

The proposed scheme, which is part of the government's EPFO 3.0 reform agenda, aims to cover workers in both the organised and unorganised sectors, including gig and platform workers as well as higher-wage employees who are currently outside the EPS framework.

Unlike the existing pension system, the proposed model is expected to follow a defined contribution approach, where retirement savings accumulate in an individual account over time and are invested in long-term government-backed securities.

Interest...