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Old age protection in India: Problems and prognosis

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  • Ranadev Goswami

Abstract

This paper reviews the current state of the Indian pension system. The Indian experience could potentially influence policy decisions in other developing countries, especially those with similar reliance on the national provident fund system. Institutional features of various retirement benefit schemes are highlighted and their deficiencies are discussed. It is argued that low coverage level, underperformance of provident fund schemes due to investment restrictions, and financial difficulties in administering unfunded public pension programmes have rendered the current system ineffective and unsustainable. The failed experiments with ad hoc reform initiatives in the recent past further emphasize the need for a structural and lasting change. The paper concludes with some policy directions for reforming the Indian pension system.

Suggested Citation

  • Ranadev Goswami, 2002. "Old age protection in India: Problems and prognosis," International Social Security Review, John Wiley & Sons, vol. 55(2), pages 95-121.
    • Handle: RePEc:wly:intssr:v:55:y:2002:i:2:p:95-121
    DOI: 10.1111/1468-246X.00126
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    Cited by:

    1. Oskari Juurikkala, 2008. "Sustainable Pension Reform In India: Towards A Market‐Based System," Economic Affairs, Wiley Blackwell, vol. 28(1), pages 35-40, March.

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