Symposium on ‘Atmanirbhar Pensioned Society for a Viksit Bharat’ was organized by Pension Fund Regulatory and Development Authority (PFRDA) in collaboration with Indian Institute of Management (IIM) Lucknow on 22 June, 2024.
The significant role of Indian public digital infrastructure coupled with stack of JAM trinity in delivery of pension to all, to achieve inclusive growth in ‘Amrit Kaal’ was highlighted by Dr. Vivek Joshi, Secretary (Financial Services), Ministry of Finance in his key note address. He emphasized the role of the PFRDA as a regulator in protecting subscribers’ interest and enabling dignified life during their old age.
Pension for all to address longevity was underscored by Dr. Deepak Mohanty, Chairman, PFRDA in his inaugural address. He suggested customization in terms of social, economic and cultural factors in the design of financial literacy program, and pension fund investments to align to achieve net-zero emissions commitment of India.
The three technical sessions were held on the key issues in the pension sector such as adequacy, coverage, accessibility, affordability, pension fund investments and economic development with a focus on environment, social and governance (ESG) and risk management, and financial literacy and retirement planning, wherein 16 eminent experts from the financial sector and academia engaged with all the stakeholders.
Policy suggestions emerged were increasing financial literacy through customization addressing diversity, more pro-active role of private sector banks in enhancing the pension coverage, consideration of Indian context in adopting global ESG standards for pension fund investments, and simplification of the NPS journey through digital enablement.
In compliance with the Budget Announcement of 2023 (Para 99 and Para 100), the process of comprehensive review of PFRDA Regulations has been completed, and on this occasion, the Compendium of PFRDA Act, Rules, and Regulations 2024 (e-book as well as print copy) was released. The second edition of Handbook of NPS Statistics 2024 providing data for policy research was released.
