EPFO 3.0: Government plans new pension scheme for formal and unorganised sector workers, claims report explaining how it will work

The government is working on a new pension scheme under the EPFO 3.0 framework, as per a report in the Indian Express. The pension scheme could extend retirement benefits to workers in both the formal and unorganised sectors who are currently outside the ambit of the Employees' Pension Scheme (EPS), the report claims.

What is the proposed new EPFO pension scheme?