Indian Pension System – Social security for elders

Social security for the elderly (aged 60 and over) remains a major concern this season for several reasons. Older people with low pensions or limited capital income have traditionally increased their income through odd part-time jobs that involved leaving their homes and traveling.

Now that movement restrictions for older people are likely to be in place indefinitely, society must meet their basic needs.

I worked in the Employee Provident Fund organization (1963-4) that administered the contributory pension fund for industrial workers and the GA office (1964-68) that was the pension, and I switched to an organization that was only available CPF.

The RBI introduced the pension as of January 1, 1986, and employees who served the RBI from that date until 2010 (when the newcomer NPS became applicable) were eligible for the funded pension plan. the RBI (similar or better pension systems are being introduced in some private sector organizations such as Tatas), which is compared to the central government pension system that applied to all defense and central government employees up to 31 December December 2003 If you joined the central government on January 1, 2004, only defense personnel are covered by the old pension plan.

Prior to the introduction of the new pension plan after the 2003-2004 budget was announced, in addition to the defined benefit plan that was available to employees, the main government and public sector pension/retirement benefit plans will apply, including:

• State pension system administered by the central and state governments and financed with budget funds.
• The general pension fund for employee contributions. Open to government employees.
• The pension fund for employees of companies with 20 or more employees and a company pension plan, taking into account the contributions of employees and employers.
• Public retirement fund administered by the State Bank of India, some post offices, and other designated banks. Open to all.

Annuity plans marketed by insurance companies, including Life Insurance Corporation of India.

At present, the Indian pension system is in disarray in all organized sectors, including the government. While retirees have been criticized for requiring periodic upward revisions to their pensions due to rising costs, the fact that pensions are part of post-retirement deferred income is largely overlooked.