Pension for everyone, this is the vision of the central government of India. In a recent programme, Finance minister Nirmala Sitharaman described the vision of the government. She told that pension is not just an option, it is no a necessary thing for every human beings. To fulfill the need, the central government has introduced National Pension Scheme, under this initiative, the government want to ensure pension for every citizen of India.
What did she said?
She was speaking at an event organized by the Pension Fund Regulatory and Development Authority (PFRDA). The Finance Minister said that the National Pension System (NPS) has transformed India’s pension structure. It is now available to all citizens, not just government employees, and is one of the lowest-cost schemes that has consistently delivered better-than-expected returns.
Sitharaman said it ts now a massive movement
Sitharaman said, “NPS should become a mass movement and people from all sections should adopt early retirement planning.” She also called for training and encouraging women as ‘pension sakhis’, like LIC’s ‘insurance sakhi’.
Dr. V. Anantha Nageswaran, Chief Economic Adviser to the Government of India, said that India is rapidly aging and the population above 60 years of age will double by 2050. He said that the mainstay of pensions and savings is economic growth and the government is taking several initiatives to achieve this.
Statements from other eminent personalities
PFRDA Chairman S. Ramanna said, “The National Pension System is not just a retirement plan; it is a promise of financial security to every Indian citizen.”
Financial Services Secretary M. Nagaraju stated that building a robust pension infrastructure is crucial in the changing socio-economic landscape. He emphasized the importance of financial literacy, institutional support, and a forward-looking pension network.