Abstract
The ageing India combined with a declining joint family system faces a crisis in social security for elderly. The government pension system has been converted from a defined benefit system to a Defined Contribution one. The mandatory schemes like Employees' Provident Funds Schemes cover a relatively small segment of the total work force. In all, more than 80% of the work force is not covered by any mandatory retirement/social security schemes. It is required for India to think of innovative products and systems to deal with the issues. Reverse mortgage on housing stock and converting huge stock of gold held by households by single premium pension products may help to some extent. But, it is equally important to stress on family values and savings based life style to face the long-term implications of the emerging crisis in the social security scene.
Sign-in/Register to access full text options 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callMore From: International Journal of Indian Culture and Business Management
Disclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
