Universal Pension Scheme in India

22 Pages Posted: 15 Aug 2013

See all articles by Ayanendu Sanyal

Ayanendu Sanyal

Mahatma Gandhi Labour Institute

Charan Singh

Indian Institute of Management (IIMB), Bangalore

Date Written: August 15, 2013

Abstract

Old age social security plays a pivotal role in a welfare state and one of the major components of old age social security is pension. The developed countries generally provide pension to those who contribute for pension whereas in majority of the developing countries pensions are provided in a discretionary manner which reduces the coverage of pension. India is no exception to this phenomenon and has a low coverage of pension too. The paper proposes a universal pension scheme that will bring relief to the working population in the unorganized sector and argues that it will increase the coverage of pension without disturbing the fiscal situation. The main purpose of pensions is smoothening of consumption and mitigating longevity risks, poverty and inter-intra generation inequality. Universal pension scheme would do this successfully for citizens in country.

Keywords: old age, pension, social security, ageing

Suggested Citation

Sanyal, Ayanendu and Singh, Charan, Universal Pension Scheme in India (August 15, 2013). IIM Bangalore Research Paper No. 420, Available at SSRN: https://ssrn.com/abstract=2310453 or http://dx.doi.org/10.2139/ssrn.2310453

Ayanendu Sanyal (Contact Author)

Mahatma Gandhi Labour Institute ( email )

Drive-in Road
Memnagar
Ahmedabad
India

Charan Singh

Indian Institute of Management (IIMB), Bangalore ( email )

Bannerghatta Road
Bangalore, Karnataka 560076
India
080-26993818 (Phone)

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