NATIONAL PENSION SYSTEM- SWAVALAMBAN SCHEME
Unlike most of the developing countries, India did not have a universal social security system for the old aged people. As there is no formal pension scheme in India for the newly appointees, a need was felt to have a scheme so that people can save for their future when they are no longer working. It was also felt that for the person of small, unorganized sector, without regular income there should be a scheme to develop among them the habit of saving for their old age. Against this background the government of India announced in the budget of 2010-11 a pension scheme known as NPS Swavalamban. The paper discusses the important features of this newly announced pension scheme. It also lists out the challenges that the scheme is facing and finally gives the conclusion so that the small town uneducated people also have the financial security and independency in their old age.
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Press Information Bureau, Govt. of India ,Ministry of Finance 17 August 2010
Pension Reform Experience in India New Pension Scheme: A Review, by Kumar P., Neha and Agarwal N., Global Journal of Finance and Management, ISSN 0975-6477 Volume 6, Number 1 (2014), pp. 13-18
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