Opening up the pension sector

The government is pushing ahead with pension reforms. It’s latest initiative is an attempt to further open up the sector. It has now proposed that the New Pension Scheme (NPS) should be extended to all individuals. Right now, only government employees can avail of the scheme.

The Finance Ministry has already forwarded this suggestion to the Pension Fund Regulatory & Development Authority, which will soon chalk out the modalities to take the scheme to the unorganised sector.

In addition, those who are part of the organised sector but are not part of any social security scheme will also be brought under the ambit of NPS.

—Rishi Joshi