Many senior citizens in the country are not financially independent and depend on their children for their needs. Evolution of pension and its expansion can help in making senior citizens independent.
Hemant Contractor, Chairman, PFRDA said that PFRDA is considering an auto enrolment system under NPS, with an element of soft compulsion, in which all the employees working in government identified sectors/industries in unorganized sector would be automatically covered unless they choose to opt out.
He was speaking at the 4th Pension Conference on Implementation of National Pension System held in New Delhi recently.
He also added that the pension body would take all the steps to increase the outreach of NPS and Atal Pension Yojana.
Finance Minister, Arun Jaitley was also present in the conference, said that there is to provide old age income security and pension facility due to the evolving demographic profile, changing socio-economic structure and limitations on the fiscal resources. He also said that there is great need to evolve India into an insured society
This report is based on a press release issued by Ministry of Finance.
