INTERNATIONAL JOURNAL OF MANAGEMENT STUDIES AND SOCIAL SCIENCES REVIEW (IJMSSSR)
The National Pension System and the Future of Old-Age Social Security in India
E-ISSN: 2566-7883
P-ISSN: 2782-2448
DOI: https://iigdpublishers.com/article/1677
This paper traces the evolution of the pension system of India over time, with a focus on the performance and potential of the latest and biggest pension schemes: the National Pension Scheme, Atal Pension Yojana and NPS-Lite, in the context of providing old-age income security for a highly heterogeneous workforce of varying socioeconomic backgrounds. The paper is intended to shed light on the ongoing limitations of the scheme as well as its successes and tries to provide some solutions of the given limitations. It is observed that although there has been significant growth in pension corpus as well as in the number of subscribers, when looked at the response in terms of share of the total workforce and the performance of other old-age income security options like the EPF and the PPF, the performance is rather lukewarm. A likely cause for the same can be attributed to the inferior tax treatment vis-à-vis its substitutes, high penalties for irregular payments in case of APY, and poor marketing of the schemes, especially NPS Lite, to the financially excluded, low-income workers.
Shayan Roy Choudhury
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