{"id":309336,"date":"2025-11-21T18:58:21","date_gmt":"2025-11-21T18:58:21","guid":{"rendered":"https:\/\/peraltafinancing.com\/business\/legal\/the-need-for-a-contributory-pension-scheme-for-professionals-and-workers\/"},"modified":"2025-11-21T18:58:21","modified_gmt":"2025-11-21T18:58:21","slug":"the-need-for-a-contributory-pension-scheme-for-professionals-and-workers","status":"publish","type":"post","link":"https:\/\/fivemor.com\/?p=309336","title":{"rendered":"The Need for a Contributory Pension Scheme for Professionals and Workers"},"content":{"rendered":"


\n<\/p>\n

\n

\u00a0<\/p>\n

A mandatory Contributory
\nPension Scheme must be introduced for professionals, including Lawyers,
\nJournalists, and Chartered Accountants, as well as for Industrial Workers and Farmers.<\/span><\/p>\n

Many self-employed
\nprofessionals, such as lawyers and journalists, currently have no provision for
\nold-age security. This gap often leads to them living in poverty\u00a0<\/b>and
\nbecoming dependent on their families. Journalists, in particular, often face a very
\ndifficult life after their working years. While professionals like chartered
\naccountants and small businessmen may be more financially savvy, the need for a
\nsafety net remains critical for all.<\/span><\/p>\n

While a few state
\ngovernments offer small monthly pensions for journalists, these schemes are too
\nfew and the amounts provided are too meagre to be effective. A robust,
\nmandatory system is essential.<\/span><\/p>\n

Proposal for Lawyers<\/span><\/b><\/p>\n

Bar Councils are
\nperfectly positioned to establish beneficial pension schemes. They can generate
\nsubstantial funds through mandatory contributions from several sources:<\/span><\/p>\n

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

    A portion of these
    \naccumulated funds should be allocated to a dedicated pension fund, payable
    \nafter the age of sixty or sixty-five. While high-earning advocates should have
    \nthe flexibility to forgo the pension initially, the option to receive it later
    \nmust always be available.<\/span><\/p>\n

    Proposal for Journalists<\/span><\/p>\n

    Media proprietors must
    \nbe mandated to maintain a dedicated pension fund for their employees, with
    \nadditional support from state governments.<\/span><\/p>\n

    This fund must be
    \nseparate from the existing, and often inadequate, PF-linked pension scheme.
    \nState governments should either significantly increase their existing pension
    \ncontributions to journalists or redirect those funds to strengthen the centralised
    \npension fund. Journalists, having worked hard to enrich their media
    \nproprietors, deserve a secure and dignified retirement.<\/span><\/p>\n

    Implementing Universal Welfare<\/span><\/b><\/p>\n

    Ultimately, similar
    \nwelfare measures should be implemented for all sectors. All workers who
    \ngenerate profits through hard toil deserve comprehensive pension benefits in
    \ntheir old age. Instead of governments distributing discretionary
    \n“largesse,” structured contributory schemes should be implemented for
    \nall workers and even for farmers, ensuring security across the board.<\/span><\/p>\n<\/div>\n\n","protected":false},"excerpt":{"rendered":"

    \u00a0 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\u00a0and becoming dependent on their families. Journalists, […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[97],"tags":[139594,21417,16300,15674,11098],"dealstore":[],"offerexpiration":[],"class_list":["post-309336","post","type-post","status-publish","format-standard","hentry","category-legal","tag-contributory","tag-pension","tag-professionals","tag-scheme","tag-workers"],"yoast_head":"\nThe Need for a Contributory Pension Scheme for Professionals and Workers - Som2ny Network<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fivemor.com\/?p=309336\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Need for a Contributory Pension Scheme for Professionals and Workers - Som2ny Network\" \/>\n<meta property=\"og:description\" content=\"\u00a0 A mandatory Contributory Pension Scheme must be introduced for professionals, including Lawyers, Journalists, and Chartered Accountants, as well as for Industrial Workers and Farmers. 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