Pension reform in India

Vol: 
2007/19
Author name: 
Mukul G. Asher
Year: 
2007
Abstract: 

Pension reforms are an essential part of managing India’s calibrated globalization, based on open‐society, open‐economy paradigm. This paper argues that there is a strong case for reforming existing provident and pension fund organizations; and for better design and delivery systems for old age assistance. Three major areas which the reforms should address are enhancing professionalism in performing core functions; a systemic perspective facilitating establishment of a multi-tier social security system; and better governance andr egulation.The paper also stresses the need to promote financial and pension literacy. Progress in the above areas would be facilitated if the Parliament passes the Pension Fund Regulatory and Development Authority (PFRDA) Bill expeditiously. India should also encourage pension research and education with a view to developing innovative approaches in addressing old‐age income security.

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