India, July 23 -- The Central government is reportedly working on an ambitious EPFO 3.0 pension scheme aimed at expanding retirement security for millions of Indians. The proposed contributory pension model seeks to bring gig workers, platform workers, unorganised sector employees, and high-income earners under a broader social security framework. If implemented, the scheme could significantly reshape retirement planning by allowing contributions from multiple stakeholders and introducing a Target Retirement Sum (TRS) approach.

What is Proposed EPFO 3.0 Pension Scheme?

The proposed EPFO 3.0 is designed to modernise India's pension ecosystem by moving beyond the traditional Employees' Pension Scheme (EPS).

Unlike the existing model, the...