India is poised to launch an innovative pension system on an unprecedented scale. After many years of languishing in bureaucratic limbo, the so-called New Pension System (NPS) is now set to go live on April 1, having just completed an eight-week flurry of activity to establish operational procedures and select fund managers.
The NPS is aimed at catering to the nearly 400 million people in India's 'unorganised' sector of small- to medium-sized enterprises and cottage industries.
It originated as a scheme for central government employees, with the intention of expanding to ...