The evolution of pension reforms in India
India’s rapidly ageing population is emerging as a pivotal pension challenge. Today, over 153 million Indians are aged over 60. This is projected to double to 347 million by 2050. While a small section of older Indians has benefited from the rise of formal sector retirement, more than 88% of today’s senior citizens continue to work, in the sprawling informal economy, without access to pensions or reliable social security rather than retiring (Chart 1). We revisit the evolution of...
