NPS – Today, Finance Minister Nirmala Sitharaman announced several important steps to make the National Pension System (NPS) more inclusive. She said that temporary or part-time workers, such as women and gig workers, are often left out of the pension scheme. Keeping this in mind, the government is now focusing on a simplified registration process, stronger pension protection, and financial education. Increasing financial literacy in schools and colleges is also part of this initiative. These steps will not only increase the pension coverage of women and gig workers but will also help secure their financial future.
Simple pension process and good returns
According to Finance Minister Nirmala Sitharaman, a simplified onboarding process, stronger pension protection for women, and increased financial literacy in schools and colleges are essential steps. The government’s recent reforms will strengthen both supply and demand aspects of the pension framework.
The Finance Minister also noted the average return rate of the NPS. He pointed out that equity schemes have averaged 13% returns, while corporate debt and government schemes have returned around 9%.
Women’s participation and social security
Nirmala Sitharaman has planned programs like “Pension Sakhi” to increase women’s participation. Through this, women can secure their own and their families’ financial future. She said that retirement planning brings self-reliance and is a strong foundation for a self-reliant India.
The number of people over the age of 60 in India is expected to increase in the future, reaching 20.8% by 2050. Therefore, increasing pension coverage and strengthening social security is crucial for the country. Thus, the government’s steps to provide comprehensive pension coverage for women and gig workers are crucial for their financially secure future.