Business Standard

58 mn living sans pension, govt spends 0.4% of GDP on key scheme: Survey

According to the National Social Assistance Programme, a welfare programme administered by the Ministry of Rural Development, 80 million people in India are entitled to a pension of Rs 200 per month

Pension as mandatory savings

PENNY WISE: On the subject of voluntary savings, the question is whether people save enough and not whether they save through plans called pension

IANS New Delhi
 
Fifty eight million people in India are living without pension or any other form of assistance, civil society organisation Pension Parishad has said.
Citing the State of Pensions in India Report 2018, Economist Prabhat Patnaik said the Central government spends as little as 0.04 per cent of the GDP for its flagship Indira Gandhi National Social Assistance (IGNOAPS) programme for ensuring income security for the elderly.
"It will cost only about 1.6 per cent of the present-day GDP to ensure 90 per cent of the elderly population a pension of Rs 2,500 per person every month," Patnaik said.
According to the National Social Assistance Programme (NSAP), a welfare programme administered by the Ministry of Rural Development, 80 million elderly people in India are entitled to a pension of Rs 200 per month.
This meagre amount reaches only about 22.3 million people, Pension Parishad Coordinator, Nikhil Dey said.
The organisation also pointed out that countries like Nepal, Bolivia, Lesotho, Bostwana, Ecuador -- all much smaller economies as compared to India -- ensure better social pensions for their elderly citizens.
 

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Sep 29 2018 | 3:32 PM IST

Explore News