December 2025

India. How Atal Pension Yojana is helping women claim long-term pension security

For millions of women who have spent lifetimes in unpaid labour or informal work, the idea of a guaranteed pension was once unimaginable. Today, they form 48% of all Atal Pension Yojana (APY) subscribers in India, reshaping a scheme designed for the country’s most vulnerable workers, according to a Lok Sabha reply on the scheme dated December 1. Launched by the Pension Fund Regulatory and Development Authority (PFRDA) in 2015, Atal Pension Yojana is a government-backed pension scheme aimed primarily...

November 2025

Determinants of financial inclusion among women-owned enterprises: a case study of the informal sector

By Faizan Khan Sherwani, Sanaa Zafar Shaikh, Shilpa Behal & Mohd Shuaib Siddiqui The purpose of this paper is to analyse the determinants of financial inclusion among women-owned informal enterprises in India. The study is based on a primary survey of 321 informal enterprises. The data has been collected through a structured questionnaire. A chi-square test has been used to examine the significant association between the characteristics of informal enterprises and their owners and financial inclusion. A logistic regression model...

October 2025

India. EPFO, NPS, Atal Pension Yojana covers less than 25% of workers: Mercer report on systemic flaws in retirement schemes

India’s pension safety net remains alarmingly narrow, with the Employees’ Provident Fund Organisation (EPFO), National Pension System (NPS), and government-backed schemes like the Atal Pension Yojana (APY) together covering less than 25% of the workforce — one of the lowest inclusion rates globally. A new Mercer–CFA Institute Global Pension Index 2025 report has flagged this limited reach, pointing to low coverage, inadequate benefits, rigid investment norms, and weak regulatory oversight as the country’s biggest pension challenges. As India’s working-age population...

The Political Economy of Gig Pensions

Since 1991, the limited gains attained by working people in terms of social security, including pensions, have been whittled down by the joint actions of the Indian government and big business. Even government employees and teachers have been forcibly transitioned to the defined contribution-based National Pension System (NPS), where both the employee and the government make monthly contributions toward a retirement corpus whose terminal value is market-linked, from the defined benefit Old Pension Scheme (OPS). A small number of private...

The Paradox of Demographic Dividend: Ageing Population and the Gig Economy

As I travel from my office in Dal Gate towards Jawahar Nagar, in Srinagar, a 24-year-old food delivery rider parks his scooter in front of a coaching centre. He has just completed his third order of the morning and is checking his phone for the next one. His father, meanwhile, spent three decades as a government schoolteacher, drawing a steady salary and retiring with a pension that still sustains the family. The contrast could not be sharper: the father’s...

India. A new rival to mutual funds? NPS reform opens 100% equity, early-exit plans for seniors

The National Pension System (NPS) has entered a new chapter of flexibility and choice with the rollout of the Multiple Scheme Framework (MSF) by the Pension Fund Regulatory and Development Authority (PFRDA). The reform allows investors to align pension savings with personal financial goals — introducing multiple investment tiers, earlier exit options, and equity exposure of up to 100%. Under the MSF, non-government subscribers can now choose between low-, moderate-, and high-risk options, breaking away from the traditional uniform model. The...

September 2025

India’s gig economy expands rapidly, government steps up worker welfare measures

India’s fast-growing gig and platform workforce is reshaping the world of work, creating new opportunities in urban and semi-urban centres while also posing significant challenges around social security and worker protection. With its half-a-billion-strong labour force, the world’s youngest demographic profile, rapid urbanisation, and widespread smartphone penetration, the country is emerging as a global hub for gig-driven transformation, according to official data. The gig economy, broadly defined as a system where individuals earn outside traditional employer–employee relationships, has seen strong growth...

August 2025

India. Switching from UPS to NPS? Govt clears one-time window with strict eligibility rules

The Ministry of Finance has introduced a one-time, one-way switch option for Central Government employees currently enrolled under the Unified Pension Scheme (UPS), allowing them to move to the National Pension System (NPS). According to an official memorandum dated August 20, 2025, this facility is available to UPS subscribers up to one year before their superannuation or three months before voluntary retirement. Employees facing dismissal, removal, or disciplinary action will not be eligible. Once the switch is exercised, employees will no...

Analysis: The US$400 trillion global retirement gap

By Paul Mackintosh   In a recent discussion with the World Economic Forum (WEF), Yie-Hsin Hung, chief executive officer of State Street Investment Management, addressed the global retirement savings gap, estimated to have hit some US$50 trillion ten years ago and forecast to reach around $400 trillion by 2050. The US is expected to account for 33% of the $400 trillion, China, 30%, and India, 20%. In the US, those who are 45- 60 years old or Generation X save on average around...

India. Income Tax Bill 2025: From UPS benefits to commuted pension rules — top 5 things every pensioner must know

The Lok Sabha passed the revised Income Tax (No. 2) Bill, 2025 on Monday, August 11, a move towards replacing the six-decade-old Income Tax Act of 1961. Introduced by Finance Minister Nirmala Sitharaman in the Parliament, the bill aims to streamline and modernise the country’s tax framework. It will now move to the Rajya Sabha and, upon securing Presidential assent, become law. Out of the several provisions mentioned under the proposed bill, some key measures are specifically aimed at pensioners....