Summary
The TA will assist the Government in designing and implementing the NPS and a solution providing broad-based old age income security to the civil servants (central and states) and public, especially the informal sector workforce. Building public confidence in the NPS vis-a-vis the current pay-as-you-go scheme is a key to the success of the NPS.
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| Project Name |
Implementing Pension Reforms |
| Project Number |
39634-012 |
| Country |
India |
| Project Status |
Closed |
| Project Type / Modality of Assistance |
Technical Assistance
|
| Source of Funding / Amount |
| TA 4938-IND: Implementing Pension Reforms |
|---|
| Japan Special Fund |
US$ 1.00
million
|
|
| Strategic Agendas |
Inclusive economic growth
|
| Drivers of Change |
Governance and capacity development
|
| Sector / Subsector |
Finance
- Insurance and contractual savings |
| Gender Equity and Mainstreaming |
Effective gender mainstreaming |
| Description |
The TA will assist the Government in designing and implementing the NPS and a solution providing broad-based old age income security to the civil servants (central and states) and public, especially the informal sector workforce. Building public confidence in the NPS vis-a-vis the current pay-as-you-go scheme is a key to the success of the NPS. |
| Project Rationale and Linkage to Country/Regional Strategy |
The TA will enable the Government and PFRDA to formulate strategies and measurable action plans, and develop and field test pension products, before rolling out the NPS to the formal and informal sectors. The NPS would encourage greater participation from state civil servants and individual pensioners, as well as informal sector workers. The TA will help the Government and PFRDA develop a database to determine the informal sector workers' demand and ability to pay for voluntary retirement contributions, and the nature and the size of the excluded funds. |
| Impact |
Public is confident in NPS; Comprehensive old age income security system is sustainable; National capital market enhanced |
Project Outcome
| Description of Outcome |
Strategy for rolling out NPS to formal and informal sectors; Establish NPS institutions and quality service networks |
| Progress Toward Outcome |
The consulting firms completed the situation analyses and engaged in promotional activities and interventions in the 2 pilot districts. NPS has already been implemented in the pilot districts, as well as rolled out nationwide. Promotions and interventions under the TA are detailed in the final report along with voluntary coverage outcomes in the pilot districts. |
| Implementation Progress |
|---|
| Description of Project Outputs |
Cost-effective and sustainable products New enhanced products Draft policy and regulations |
| Status of Implementation Progress (Outputs, Activities, and Issues) |
Recommendations for cost-effective and sustainable products; new enhanced products; policy and regulations are detailed in the final report prepared under the TA. |
| Geographical Location |
India |
Summary of Environmental and Social Aspects
| Environmental Aspects |
|
| Involuntary Resettlement |
|
| Indigenous Peoples |
|
| Stakeholder Communication, Participation, and Consultation |
|---|
| During Project Design |
|
| During Project Implementation |
|
Business Opportunities
| Consulting Services |
International consultants will comprise a pension system and financial expert (team leader), and a pension product scheme and development expert. The national consultants will comprise (i) pension system expert, (ii) communications and publicity expert, (iii) process and information technology expert, (iv) social sector expert, (v) legal expert, and (vi) pension system and policy expert. The international consulting firm will be recruited using simplified technical proposals under the quality- and cost-based selection method, in accordance with ADB's Guidelines on the Use of Consultants (2007, as amended from time to time). |
| Procurement |
n/a |
Responsible Staff
| Responsible ADB Officer |
Shalini Singh |
| Responsible ADB Department |
South Asia Department |
| Responsible ADB Division |
Public Management, Financial Sector and Trade Division, SARD |
| Executing Agencies |
Ministry of Finance (Old)
Mr. Chandrasekhar Mohapatra
Director, Pension Reforms, Captial Market Division, Department of Economic Affairs, Ministry of Finance
|
Timetable
| Concept Clearance |
23 Nov 2005 |
| Fact Finding |
04 Sep 2006
to 08 Sep 2006 |
| MRM |
-
|
| Approval |
08 Jun 2007 |
| Last Review Mission |
-
|
| PDS Creation Date |
28 Feb 2006 |
| Last PDS Update |
08 Jul 2011 |
TA 4938-IND
| Milestones |
|---|
| Approval |
Signing Date |
Effectivity Date |
Closing |
| Original |
Revised |
Actual |
| 08 Jun 2007 |
24 Jan 2008 |
24 Jan 2008 |
31 Dec 2008 |
30 Sep 2011 |
-
|
| Financing Plan/TA Utilization |
Cumulative Disbursements |
| ADB |
Cofinancing |
Counterpart |
Total |
Date |
Amount |
| Gov |
Beneficiaries |
Project Sponsor |
Others |
| 1,000,000.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
1,000,000.00 |
08 Jun 2007 |
930,319.46 |
Safeguard documents provided at the time of project/facility approval may also be found in the list of linked documents provided with the Report and Recommendation of the President.
None currently available.
None currently available.
The Public Communications Policy (PCP) establishes the disclosure requirements for documents and information ADB produces or requires to be produced in its operations to facilitate stakeholder participation in ADB's decision-making. For more information, refer to the Safeguard Policy Statement, Operations Manual F1, and Operations Manual L3.
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