Forcing banks or other intermediaries to sell NPS Lite is a short-term solution and will at best produce many dormant pension accounts
The market for pensions in India is largely confined to the urban middle income and rich even as 90% of the workforce continues to march towards old age without savings to assist them in managing their twilight years.
India has a very large young, informal sector workforce that makes up 70-80% of its workforce. This includes construction workers, drivers, farmers, maids, poultry farmers, home-based workers, casual labour, street venders, handloom workers, dairy farmers, landless farm labourers and other daily wage labourers. They are not part of any pension scheme. All of them engage in physical labour and are unable to work full time once they are 55 or 60 years old. Read more
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