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The Aftermath of Structural Pension Reform: Managing Legacy Costs of Defined Benefit Pensions in India

dc.contributor.authorCheolsu Kim
dc.contributor.authorGary Hendricks
dc.description.abstractIndia's civil service retirement benefit system, based on a defined benefit scheme, imposed an annual expenditure of over $30 billion on the central and state governments. In an effort to truncate the unfunded scheme, which covers 30 million central and state government employees, the Government of India in 2004 decided to replace the traditional defined benefit scheme with a defined contributory scheme known as the New Pension Scheme. This book contains an account of the efforts of five states - Assam, Bihar, Chhattisgarh, Jharkhand, and Madhya Pradesh - to estimate their current pension liabilities, project annual pension costs over the next 15-25 years, and explore options for managing their annual costs. Using newly constructed employee databases, the book discusses in detail the projections for each state and suggests cost-saving measures based on specific needs. Also included is a lengthy discussion of the lessons that emerged in database construction and practical recommendations in managing pension costs.
dc.publisherAsian Development Bank
dc.rightsCC BY 3.0 IGO
dc.titleThe Aftermath of Structural Pension Reform: Managing Legacy Costs of Defined Benefit Pensions in India
dc.subject.expertPublic Financial Management
dc.subject.expertFinancial System
dc.subject.expertFinancial Statistics
dc.subject.adbPension Funds
dc.subject.adbMutual Funds
dc.subject.adbSocial Equity
dc.subject.adbFinancial Aspects
dc.subject.adbFiscal Policy
dc.subject.naturalPension plans
dc.subject.naturalIndividual retirement accounts
dc.subject.naturalEmployee pension trusts
dc.subject.naturalInvestment management
dc.contributor.imprintAsian Development Bank
oar.themeLabor Migration
oar.adminregionSouth Asia Region
oar.authorKim, Cheolsu
oar.authorHendricks, Gary

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  • ADB Books
    Books published by the Asian Development Bank (ADB) are based on research that is complete in itself, stretches frontiers, and brings together useful development knowledge. They may include analytical ADB products that are scholarly references or literary publications on a specific subject.

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