Social Protection Brief: Supporting Pension Reforms in India
Publication | February 2015
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In 2004, the government took the first steps toward establishing a self-sustaining and broad-based pension system for India. This new system is a defined-contribution, individual accounts-based pension program mandatory for civil servants.
- Pension reform was driven by the need to establish a self-sustaining broad-based pension system to mitigate the Government of India’s unfunded pension liabilities under the defined benefit system.
- The technical assistance (TA) projects of the Asian Development Bank (ADB) supported selected states in the measurement and reform of civil service pensions. The projects were implemented through stakeholder consultations to raise awareness and encourage mass workers’ voluntary participation in the new pension system, capacity building, and field testing new products.
- The new National Pension System (NPS) also extended social protection coverage to all Indian citizens, including informal sector workers who were previously not covered.
- State Level Pension Reforms
- Implementing Pension Reforms
- Implementing an Inclusive and Equitable Pension Reform: Lessons from India's New Pension Scheme
- The Aftermath of Structural Pension Reform: Managing Legacy Costs of Defined Benefit Pensions in India
- More on ADB's work in India
- More on ADB's work on Social Protection and Labor