PFRDA: Govt working to bring informal sector, micro units under pension scheme
Updated: Dec 10, 2015 02:04:19pm
New Delhi, Dec 10 (KNN) The informal sector including, which comprises 88 per cent of the workers and the micro units, will soon come under the ambit of Pension Scheme.
The Chairman of Pension fund and regulatory and development authority chairman Hemant G Contractor said that the Government is working towards bringing the informal sector under the ambit of a pension scheme.
He was addressing the annual conference of FICCI on ‘Pensions sector in India: Growth opportunities and challenges’.
Currently, only three to four percent of employees in this sector have any kind of pension coverage which is also inadequate in terms of the escalating living and healthcare costs, he said.
Contractor said the government's Atal Pension Scheme had received a good response and it had been able to attract many individuals from the lower strata of society.
‘The government and the PFRDA were working towards developing pension schemes that were flexible, portable and transparent in terms of financial implications. He added that the sector needs to be regulated to safeguard the interest of the people from the lower income group, Contractor added. (KNN Bureau)
The Chairman of Pension fund and regulatory and development authority chairman Hemant G Contractor said that the Government is working towards bringing the informal sector under the ambit of a pension scheme.
He was addressing the annual conference of FICCI on ‘Pensions sector in India: Growth opportunities and challenges’.
Currently, only three to four percent of employees in this sector have any kind of pension coverage which is also inadequate in terms of the escalating living and healthcare costs, he said.
Contractor said the government's Atal Pension Scheme had received a good response and it had been able to attract many individuals from the lower strata of society.
‘The government and the PFRDA were working towards developing pension schemes that were flexible, portable and transparent in terms of financial implications. He added that the sector needs to be regulated to safeguard the interest of the people from the lower income group, Contractor added. (KNN Bureau)
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