Pensions in India
India operates a complex pension system. There are however three major pillars to the Indian pension system: the solidarity social assistance called the
Non-contributory minimum pension
The National Social Assistance Scheme is a limited social safety net for the elderly poor and disabled who falls under the official poverty line. It is a non-contributory
National Pension System
Civil Servants who joined service before 2004 are entitled to the Civil Service Pension Scheme and the General Provident Fund. These were established in 1972 and 1981 respectively. It was a defined benefit system that the employees did not contribute to and the pension was funded through the general state budget. To qualify for a pension, one must have been in service for at least ten years and the pensionable age was 58. The retired employee received 50% of his/her last salary as the monthly pension. Due to the severe financial burden that this system was placing on government finances that it was abolished for new civil service employees from the year 2004 and replaced by the
Mandatory state provident fund and pension provision
This mandatory scheme is part of the
Voluntary Schemes
Government of India launched
See also
- Social Security in India
- Pension
- Indian labor law
References
- ^ India Social Pension Archived 2012-05-01 at the Wayback Machine. GlobalAging.org. Accessed April 29, 2012.
- ^ "National Social Assistance Programme (NSAP)|Ministry Of Rural Development|Government Of India". NSAP. Retrieved 11 August 2022.
- ^ "Govt to scrap pension scheme for new staff - Times of India". The Times of India. 16 October 2003.
- ^ https://www.policybazaar.com/life-insurance/pension-plans/articles/how-general-provident-funds-works/ [bare URL]
- ^ "EPFO || For Employees". Epfindia.gov.in. Retrieved 11 August 2022.
- ^ "Retirement Planning: How much money do you need to retire comfortably in India?".
- ^ {{citation |title=Good News! Unorganised workers can now subscribe to this pension scheme |url=https://www.shaleshyadav.com/2020/07/sspy-sspy-pension-list-2020-sarkari.html?m=1%7Cwork=[[government pension yojna}}