Financial Inclusion through Micro Pension, Marh 2011
In India, there is no universal, institutionalized social security programme for citizens. While government officials receive the pension benefits, workers in organized sector have the option of contributing to Employers Provident Fund. The New Pension Policy intoduced by the government expands the opportunities available to secure one’s income. However, in these policy initiatives what is missing is the inclusion of unorganized sector. When 93 percent of the workforce is engaged in informal economy, it is imperative to think of providing them with safaety nets as well. The Micro Pension scheme offered by SEWA is a pioneering initiative as it creates avenues for workers in unorganised sector to have a secure old age plan.