The move comes as both schemes have so far failed to generate widespread interest from target groups, years into their launch
The Centre is likely to announce a voluntary pension scheme for small traders and the unorganised sector under the Employees Provident Fund Organisation (EPFO) to make both 'more attractive'.
An official told The Economic Times that the labour ministry is considering bringing the Pradhan Mantri Shram Yogi Maandhan (PM-SYM) for unorganised workers and the National Pension Scheme (NPS) for traders and self-employed under EPFO control.
Moneycontrol could not independently verify the report.
The move comes as both schemes have so far failed to generate widespread interest from target groups, years into their launch. The aim is also to simplify implementation and make these schemes effective, the report added.
Another official said discussions are centred on whether the EPFO will take over existing schemes or float completely new scheme(s). This official noted that EPFO has no experience handling individual contributors without employer intervention, which means the move will “require a lot of preparations.”
Any development is likely to be carried out under the Code on Social Security, 2020 – as per which the Centre can frame schemes for providing social security benefits to self-employed workers or any other class of persons, it added.