Srinagar, Feb. 26 -- At present, those in the unorganised sector - such as construction workers, domestic staff, and gig workers - don't have access to government-run large savings schemes.

The scheme will also be open to all salaried employees and the self-employed too.

However, a crucial distinction between this new proposal and existing schemes, like the Employee Provident Fund Organisation, is that contributions for the former will be on a voluntary basis, and the government will not make any contributions from its side.

The general idea, sources said, is to offer a 'universal pension scheme' - i.e., to streamline the pension/savings framework in the country by likely subsuming a few existing schemes.

These, sources said, will be ...