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Implementing an Inclusive and Equitable Pension Reform: Lessons from India's New Pension Scheme

dc.contributor.authorCheolsu Kim
dc.contributor.authorLandis MacKellar
dc.contributor.authorRussell G. Galer
dc.contributor.authorGautam Bhardwaj
dc.description.abstractIndia is aging. One response of Indian policy makers has been introduction of the New Pension Scheme (NPS), a defined contribution pension scheme which is mandatory for civil servants and voluntary for the rest of the population. Given the size of the target population, even if take-up is modest, NPS savings may soon provide huge amounts of capital to India's economy. However, challenges are abound. What governance structure will best achieve the ultimate policy goal of serving the needs of savers? What business processes and information technology design will serve members best? How effectively will the NPS attack the problem of old-age poverty? In this book, a multi-disciplinary international team, comprising of economists, lawyers, pension management experts, and capital market experts, explore these and other questions. The book proposes significant legal, regulatory, and governance reforms for the NPS and other existing pension schemes, as well. It finds that current NPS business practices cannot keep pace with potential growth of the system and makes suggestions on how to take better advantage of information technology. Based on review of experience elsewhere and state-of-the-art economic-demographic modelling, it warns that the NPS in its current form does not address the retirement income needs of the lifelong very poor, suggesting that it is only one in a range of responses needed to cope with the challenges of population aging in India. Copublished by Routledge.
dc.publisherAsian Development Bank
dc.rightsCC BY-NC-ND 3.0 IGO
dc.titleImplementing an Inclusive and Equitable Pension Reform: Lessons from India's New Pension Scheme
dc.subject.expertHealth Care Financing
dc.subject.expertFinancial Security
dc.subject.expertFinancial Assistance
dc.subject.expertAged Health
dc.subject.expertHealth Care System
dc.subject.expertHealth Care Policy
dc.subject.expertAccess to Health Care
dc.subject.adbAid Financing
dc.subject.adbPension Funds
dc.subject.adbMedical Costs
dc.subject.adbHealth Costs
dc.subject.adbRural Population
dc.subject.adbUrban Population
dc.subject.naturalMultiemployer pension plans
dc.subject.naturalKeogh plans
dc.subject.naturalIndividual retirement accounts
dc.subject.naturalPension plans
dc.subject.naturalEmployee pension trusts
dc.subject.naturalPension trusts
dc.subject.naturalNursing homes
dc.subject.naturalLong-term care facilities
dc.contributor.imprintAsian Development Bank
oar.themeLabor Migration
oar.adminregionSouth Asia Region
oar.authorKim, Cheolsu
oar.authorMacKellar, Landis
oar.authorGaler, Russell G.
oar.authorBhardwaj, Gautam

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  • Copublished Books
    These are copublications where the Asian Development Bank (ADB) plays a role in the development, publication, and/or distribution of a book in partnership with academic institutions and commercial academic presses. ADB has worked with intergovernmental organizations such as UN agencies and other development banks as well as commercial academic presses like Edward Elgar, Routledge, Sage, Springer, and Oxford University Press India, among others, on publications that focus on ADB’s areas of concentration.

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