Government may roll out flexible pension scheme for all workers under EPFO 3.0 reforms: Report

The government proposes a new contributory pension scheme under EPFO 3.0 reforms, covering formal, unorganised, gig, platform, and higher-wage workers.

The scheme uses a defined contribution model with individual accounts invested in long-term government-backed securities, convertible to pension at age 60.

A 'Target Retirement Sum' (TRS) dynamically computes the required corpus based on a member's chosen pension goal and retirement age.

Contributions may come from employees, employers, government co-contributions for lower-income workers, aggregators for gig workers, and third parties like CSR funds.