Published Paper Details:

This study takes a look at the Indian pension system as it is at the present time. The experience that India has had might possibly impact the policy choices made in other developing nations, particularly those that rely on the national provident fund system in a similar manner as India does. The shortcomings of different retirement benefit plans are examined; along with the various retirements benefit plans' institutional characteristics. It is argued that the current system is ineffective and cannot be maintained because of factors such as low coverage levels, poor performance of provident fund schemes as a result of investment restrictions, and financial challenges associated with the administration of unfunded public pension programs. The recent history of unsuccessful attempts to alter the system via ad hoc measures serves to further highlight the need of making fundamental and long-lasting changes. The study comes to a close with a discussion of several potential approaches for revamping the pension system in India.