The Need for a Contributory Pension Scheme for Professionals and Workers

 

A mandatory Contributory Pension Scheme must be introduced for professionals, including Lawyers, Journalists, and Chartered Accountants, as well as for Industrial Workers and Farmers.

Many self-employed professionals, such as lawyers and journalists, currently have no provision for old-age security. This gap often leads to them living in poverty and becoming dependent on their families. Journalists, in particular, often face a very difficult life after their working years. While professionals like chartered accountants and small businessmen may be more financially savvy, the need for a safety net remains critical for all.

While a few state governments offer small monthly pensions for journalists, these schemes are too few and the amounts provided are too meagre to be effective. A robust, mandatory system is essential.

Proposal for Lawyers

Bar Councils are perfectly positioned to establish beneficial pension schemes. They can generate substantial funds through mandatory contributions from several sources:

1. Mandatory Registration Deposit: Every new entrant must deposit a reasonable sum with the State Bar Council upon registration.
2. Monthly Contribution: Lawyers must make a modest monthly contribution.
3. External Support: The Bar Council should seek support from Bar Associations and governments.

A portion of these accumulated funds should be allocated to a dedicated pension fund, payable after the age of sixty or sixty-five. While high-earning advocates should have the flexibility to forgo the pension initially, the option to receive it later must always be available.

Proposal for Journalists

Media proprietors must be mandated to maintain a dedicated pension fund for their employees, with additional support from state governments.

This fund must be separate from the existing, and often inadequate, PF-linked pension scheme. State governments should either significantly increase their existing pension contributions to journalists or redirect those funds to strengthen the centralised pension fund. Journalists, having worked hard to enrich their media proprietors, deserve a secure and dignified retirement.

Implementing Universal Welfare

Ultimately, similar welfare measures should be implemented for all sectors. All workers who generate profits through hard toil deserve comprehensive pension benefits in their old age. Instead of governments distributing discretionary "largesse," structured contributory schemes should be implemented for all workers and even for farmers, ensuring security across the board.