Pension schemes in India: A debate on new vs old
By: Anand, Nitish
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Material type: 
BookPublisher: The Journal of Governance Description: 27, Jul, 2023: p.91-98.
In:
The Journal of GovernanceSummary: Retirement planning is a crucial aspect of financial security, and pension systems play an important role in ensuring individuals experience a secure future once they leave active employment. Pensions, being a source of both financial savings and old-age income security, is an obvious decision for an individual. However, this is not the case in practice. Retirement is distant from one's mind in the early stages of employment when one begins to save. As a result, in the formal sector, the employer's provision of a choice of superannuation benefit, which is mostly based on regulatory requirements, becomes the default option. In India, it has usually been the provident fund, offered by the Employees' Provident Fund Organisation (EPFO), to which employers are also required to make a co-contribution. The Employees’ Pension Scheme (EPS) is a pension component for low-income participants. Furthermore, insurance firms provide annuity-based pensions, and certain mutual funds offer medium to long-term monthly income plans. Pension systems have changed throughout time in accordance with changing demographics, economic situations, and societal demands.- Reproduced
| Item type | Current location | Call number | Vol info | Status | Date due | Barcode |
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Articles
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Indian Institute of Public Administration | 27, Jul, 2023: p.91-98 | Available | AR129914 |
Retirement planning is a crucial aspect of financial security, and pension systems play an important role in ensuring individuals experience a secure future once they leave active employment. Pensions, being a source of both financial savings and old-age income security, is an obvious decision for an individual. However, this is not the case in practice. Retirement is distant from one's mind in the early stages of employment when one begins to save. As a result, in the formal sector, the employer's provision of a choice of superannuation benefit, which is mostly based on regulatory requirements, becomes the default option. In India, it has usually been the provident fund, offered by the Employees' Provident Fund Organisation (EPFO), to which employers are also required to make a co-contribution. The Employees’ Pension Scheme (EPS) is a pension component for low-income participants. Furthermore, insurance firms provide annuity-based pensions, and certain mutual funds offer medium to long-term monthly income plans. Pension systems have changed throughout time in accordance with changing demographics, economic situations, and societal demands.- Reproduced
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