Universal Pension schemes

Universal pension schemes are government programs designed to provide retirement income to all eligible citizens, regardless of their income, employment history, or social status. Funded primarily through taxes, these schemes aim to ensure everyone has financial support after they stop working. They promote social security by offering a basic, predictable pension that reduces the risk of elder poverty. Unlike targeted programs, universal schemes cover everyone, fostering inclusivity and simplifying administration. Overall, they serve as a safety net to help maintain a standard of living in old age for the entire population.