Pension security is a crucial component of social protection for government employees, particularly teachers, who heavily rely on post-retirement benefits for financial stability. Over the years, India shifted from the Old Pension Scheme (OPS) to the market-linked National Pension System (NPS), causing concern among teachers due to reduced financial certainty. In 2024, the Government introduced the Uni-fied Pension Scheme (UPS) to bridge the gap between OPS and NPS by providing a more assured pension structure. This research paper examines teachers’ preferences for OPS, NPS, and UPS in the state of Jharkhand, analysing awareness levels, perceived benefits, satis-faction levels, and factors influencing scheme preference. The study reveals that OPS remains the most preferred due to its guaranteed benefits, while NPS remains the least preferred. UPS, being new, shows moderate acceptance but faces awareness gaps. The findings are expected to support policymakers in designing more effective pension reforms for the teaching community. Keywords: OPS, NPS, Unified Pension Scheme, Teachers, Social Security, Pension Reform, Jharkhand.

Background: India's elderly population is projected to reach 20% by 2050, underscoring the need for effective social security mechanisms. However, awareness and utilization of these schemes remain suboptimal in many regions. This study aimed to assess the level of awareness and actual utilization of social security schemes among the elderly in an urban area of Puducherry district. Methods: A community-based cross-sectional study was conducted from October to December 2023 among 260 elderly participants (aged ≥60 years), were selected using simple random sampling technique. The sample size was calculated using a previous study 42.2% prevalence, 6% precision. Data were collected using a pre validated, semi-structured questionnaire and analysed using SPSS version 21. Results: The mean age of participants was 68 years and 82.6% belonged to below poverty line families. While awareness of at least one scheme was high and the most commonly availed benefit was from the Indira Gandhi National Old Age Pension Scheme. Awareness of transport-related concessions was low (30% for train, 10.4% for bus). Overall, only 40% of eligible participants had utilized at least one social supportive measure. Interestingly, people with lower literacy (49.2%) had utilized the scheme more. Conclusions: The present study highlights a significant gap between awareness and utilization of social security schemes, emphasizing the need for targeted interventions and proactive engagement by frontline health workers to improve access and uptake of social welfare programs among the elderly.

The crisis of pension systems based on pay-as-you-go (PAYG) financing has led to the introduction in some countries, including Italy, of so-called notional defined contribution (NDC) pension accounts. These systems mimic the functioning of defined contribution systems in benefit calculations while remaining based on PAYG financing. Despite many appealing features, NDC accounts cannot automatically guarantee a system’s financial sustainability in the presence of demographic or economic fluctuations. The literature proposes automatic balance mechanisms (ABMs) of the notional rate applied to notional accounts and an indexation rate applied to pensions. ABMs may be based on two indicators: the liquidity ratio or the solvency ratio. Such ABMs may strengthen a system’s financial sustainability but may produce significant fluctuations in the adjusted notional rate, thereby undermining the social adequacy of the system. In this work, we introduce a mixed ABM based on both the liquidity ratio and solvency ratio and identify the optimal combination that guarantees financial sustainability of the system and, at the same time, maximizes the return paid to the participants at fixed levels of confidence. The numerical results show the advantages of a mixed mechanism over those based on a single indicator. Indeed, although the results depend on the system’s initial conditions and the different ABM configurations tested (16 in total), some common patterns emerge across the solutions. A solvency ratio-based ABM maximizes social utility, while a liquidity ratio-based one ensures financial stability. Although not optimal for either criterion, the ABM that mixes the liquidity ratio and solvency ratio in proportions ranging from 60–40% to 50–50% emerges from our numerical simulations as the best compromise to achieve these two objectives jointly.

ABSTRACT The paper contributes to the current debates about the future of retirement pension systems in ageing European societies. Most of the countries in Europe provide the possibility for future retirees to have income at retirement from at least two (or three) pension pillars. Thus, the discussion on the role of the state in encouraging the development of private pension schemes in the Baltics is very relevant now, when political decisions are being made concerning the future of retirement pensions in the countries. Future trends of retirement pensions in Lithuania are analysed in terms of their sustainability and adequacy from two perspectives. First, the contribution rate is fixed when the pension is organised differently in terms of financing methods and sources. Second, the pension replacement rate is fixed, and the necessary contribution rates are assessed to keep it constant. Integration of multiple pension financing sources into the modelling scenarios of possible pension development in terms of their adequacy and sustainability adds novelty to the approach to this topic. The results of the analysis show that different distributions of the contribution among pension pillars financed by different financing methods and sources produce different incomes at retirement or that a constant pension replacement rate is achieved by different contribution rates depending on their sources and financing methods.

This article explores the increasing relevance of the complementary pension system in the Brazilian legal and economic context, emphasizing its role as an essential mechanism for ensuring the financial and actuarial balance of public pension schemes. Beyond its importance in maintaining the sustainability of pension systems, the complementary regime also plays a significant role as a long-term domestic savings promoter, thereby functioning as a driver of national economic and social development. The study is grounded on Article 202 of the Federal Constitution, which sets forth the structural foundations of the complementary pension system, highlighting its fundamental characteristics, such as its voluntary nature, contractual basis, and autonomy from the general social security regime. The article further analyzes the effects of the transition between pension regimes, focusing on the challenges related to parity and benefit completeness, institutions that underwent profound changes with the enactment of Constitutional Amendments No. 41/2003, No. 42/2003, and No. 103/2019. The research identifies both the advantages and drawbacks of these reforms, particularly with regard to financing mechanisms and the redefinition of the State’s role in social protection, stressing the impact of the repeal of transitional rules introduced by Constitutional Amendment No. 103/2019. In this context, the study provides a critical reflection on complementary pensions as a tool for actuarial balance and, simultaneously, as an instrument for strengthening the social security system and fostering sustainable economic growth.

The retirement age of people in India is around 60 years, and the life expectancy is around 70 years. So, the obvious question is how a person after retirement fulfils their requirement without active earning. Today they are of an age where they can work hard and make money, but in future, the situation will change. With old age, the working capacity will decrease, various expenses will arise, and the children or other family members may not support them, so they must have a plan for the future. Here comes the importance of retirement plans and pensions. Pension is a concept which provides good relief and support to people in old age after retirement. The study aims to find the level of awareness and interest regarding future planning and the available retirement plans. Every person needs to retire after a certain age. At that time, they want a peaceful life after a long journey of hustle, and this can be achieved with the help of a monthly pension. Basic research was conducted with the sample size of 200 workers engaged in different sector. For it, questionnaire and personal interview method were carried on. There are various retirement plans, announced by the government, available for all segments of society, say, government employees, private employees, or self-employed people. All Government employees have to compulsorily contribute to the NPS (National Pension System) or UPS (Unified Pension Scheme). Likewise, private employees of the organized sector also have their EPF (Employees’ Provident Fund) Account where a fixed per cent of their basic salary goes into this fund every month. In the case of compulsory monthly deduction, a big pool of money is created without feeling an extra burden on employees. But what about the people other than them? The workers of unorganized sectors like daily laborers, employees of shops & malls, housemaids, street vendors, rickshaw pullers, small shopkeepers or any other self-employed people also need financial support in their old age. It is seen that they are not very aware of planning for their retirement and therefore, they find difficulties in their old age. Financial independence is very important at that age also. Sometimes, they have to work even after the working age to live a life, or they have to beg before someone. So, this article is mainly focused on the retirement planning of these unorganized workers and self-employed people. A case study of the workers of Ranchi city regarding this is also included in this article.

The National Pension Scheme (NPS) and the Old Pension Scheme (OPS) in India are thoroughly examined in this report, along with their respective fiscal sustainability and wider effects on economic growth. The study explores the key design distinctions between these two pension models—NPS, a defined-contribution, market-linked system, and OPS, a defined-benefit, unfunded system—and looks at the significant ramifications of these differences. A crucial conflict between immediate political concerns and long-term economic prudence is highlighted by the ongoing discussion, especially the decision by a number of Indian states to switch back to OPS. According to key findings, OPS presents an unsustainable fiscal burden by its very nature. Government capital expenditure is severely constrained by this sizeable liability, which has the crowding-out effect of impeding long-term economic growth. On the other hand, NPS actively supports infrastructure development and capital market deepening, which promotes economic growth, by mobilizing long-term savings and directing them into a variety of market instruments. An ongoing policy iteration to strike a balance between guaranteed benefits and fiscal viability is reflected in the creation of the Unified Pension Scheme (UPS). The analysis comes to the conclusion that a strong commitment to pension reforms that give priority to funded, sustainable models is necessary to uphold fiscal restraint and promote strong economic growth. Avoiding a mass switch back to OPS, bolstering state coffers, expanding the appeal and reach of NPS, and pursuing ongoing actuarial evaluations within a comprehensive social security framework are the main policy recommendations. Keywords: National Pension Scheme, Old Pension Scheme, Fiscal Sustainability, Economic Growth, Financial burden, GDP, etc.

In order to diagnose the functioning of the public pension scheme in Poland, it is necessary to know the extent of ignorance about the system among pension plan participants. The scale of this incomprehension significantly impacts the entities providing retirement education for the Polish society and should determine their further actions .The aim of the study was to determine the level of knowledge of active participants in the pension system, to understand the extent of their ignorance and to gather the respondents’ opinions on potential changes to the public retirement scheme. For the purposes of the study, research questions were formulated on the system’s funding principles, parametric solutions and the extent of ignorance and potential changes needed to improve the efficiency of the studied system.The study was carried out using a survey questionnaire on a sample of 502 active scheme participants.The study concludes that there is a need to take action to improve knowledge among scheme participants so that they can take informed and requisite actions to ensure a secure existence in old age. To this end, participants should be motivated to improve their comprehension of the pension plan, be offered appropriate educational opportunities, and the level of knowledge of the scheme should be analysed on a regular basis.

The real cost of quitting the NHS pension scheme

This paper investigated the effect of customer satisfaction measures on customer retention, and the National Social Security Fund (NSSF) Ilala office in Tanzania was used as a case study. In particular, it examined how relationship marketing, service quality, and customer relationship management (CRM) affect customer satisfaction and retention, also examined how customer satisfaction mediates these relationships. The study followed the case study design and focused on NSSF employees and members. A sample of 50 respondents was chosen by means of simple random sampling. Structured questionnaires and reviews of documents were used as sources of data collection. To analyse the primary data the Statistical Package of Social Sciences (SPSS) was used, and multiple regression analysis was performed to establish relationships between independent variables (relationship marketing, quality of service, CRM), mediating variable (customer satisfaction), and dependent variable (customer retention). The results showed that service quality and CRM had a positive, significant effect on customer satisfaction and customer retention, and relationship marketing had a smaller or less significant impact. Additionally, customer satisfaction emerged to have a critical mediating impact and enhanced the influence of service quality and CRM on customer retention. The paper concludes that service quality practices and high-quality CRM systems are the key to improving the satisfaction and retention of members of social security institutions. It recommends that NSSF should consider staff training on relationship marketing, continuous quality improvement and CRM systems to improve customer experience and customer loyalty. The research can be extended to other regions and pension schemes in future to provide comparative data.

ABSTRACT Using a nationally representative dataset, we examine the relationship between enrollment in the social pension scheme – the New Rural Pension Scheme (NRPS) – and rural residents’ trust in township governments. Our findings show that NRPS enrollment is positively associated with political trust among the full sample and the contributor group. However, no significant effects are observed in the beneficiary group. The positive effect of NRPS among contributors increased from 2013 to 2015 but has declined since then. A low benefit level may weaken the political gains of social pensions in the long term.

India is going through a rapid demographic change, with an increasing older population due to rising life expectancy and lower fertility rates. This transformation poses enormous economic concerns, particularly in pension systems, social security, healthcare, and labor market dynamics. By 2050, the proportion of India's population aged 60 and more is predicted to rise from 10% to 20%, putting a pressure on the country's present social assistance system. While the aging population offers issues, it also provides opportunity for change and innovation, particularly in the areas of developing sustainable pension systems, enhancing healthcare for the elderly, and resolving unemployment concerns. This research investigates the economic implications of an aging population in India, with a focus on the effectiveness and sustainability of the country's pension systems, social security mechanisms, healthcare infrastructure, and employment policies. It reviews the current state of India's pension system, which largely excludes informal sector workers, and the strain on social security programs that are ill-equipped to meet the needs of an expanding elderly population. This research offers a set of policy recommendations aimed at expanding pension coverage, improving elder care, and addressing unemployment. The key recommendations include extending pension schemes to informal sector workers, investing in healthcare infrastructure, and creating inclusive labor markets that provide opportunities for both older workers and youth. By adopting these reforms, India can address the economy. Key words: Aging Population, Social Security, Economy, Pension, India, Employment.

This article analyses the effects of the German Occupational Pension Strengthening Act on interest in occupational pension schemes before and after its introduction. Based on qualitative expert interviews with 20 executives from various industries and companies of different sizes, the analysis was conducted using MAXQDA and statistical methods. Since the law was passed, employers' commitment to occupational pension schemes has increased, as has general interest – but not primarily because of the mandatory employer contribution. The type of implementation depends heavily on the size of the company, as does the attitude toward mandatory occupational pension schemes. The article provides recommendations for strengthening occupational pension schemes and offers food for thought for employers, trade unions, and the political debate on mandatory regulations.

The real cost of quitting the NHS pension scheme

The proper functioning of occupational pension schemes is critically important for economies and the financial sector in which they operate. Financial institutions with meaningful pension exposures are obliged to undertake proper management of their pension responsibilities in order to mitigate untoward effects on the economy and society. This paper seeks to explore how banks in particular, with an emphasis on the UK environment, can and should mitigate their pension exposures. It reviews the main types of pension schemes and related regulation of these, examines the key drivers of pension risk on banks' balance sheets, and discovers the implications for bank liquidity risk, utilising a case study. Based on these practical observations, the paper goes on to recommend an appropriate pension risk framework, along with related capital management strategies. It concludes with consideration of the treatment of pension risk obligations in the Internal Capital Adequacy Assessment Process (ICAAP) of sponsoring banks. JEL Codes: G21, G23, G28 Keywords: banking, pensions, risk management

After losing a spouse, a woman experiences diverse changes in her life, and varying cultural settings add to them. Research has shown the impact of widowhood on one's quality of life. This study evaluated the quality of life and its predictors of widows of Jodhpur enrolled in Ekal Nari Samman Pension Yojna, a state-sponsored pension scheme for widowed, divorced, or abandoned women from an economically weaker section of Rajasthan. A cross-sectional study was conducted among 260 widows aged 18-45 from Jodhpur City. A semi-structured questionnaire was used to collect data after obtaining informed written consent. The CDC HRQOL-14 questionnaire was used to collect data on quality of life. Data was analysed using descriptive statistics and logistic regression analysis. The study findings revealed that the number of children, chronic illness, depression, and anxiety were consistently significant predictors of quality of life among widows in Jodhpur. The findings highlight the association of physical and psychological health with the quality of life of widows. There is a critical need to integrate mental health services and chronic illness management into widows' welfare programs to ensure comprehensive support.

ABSTRACT This paper examines the factors influencing labour supply and retirement choices among older adults in Thailand, drawing on data from the 2021 Survey of Older Persons. Two specific outcomes are analysed: labour participation and hours worked. The results indicate that various socioeconomic statuses and pension schemes have a significant impact on the labour supply of older adults. Regardless of economic conditions, maintaining good health notably contributes to a substantial increase in labour supply. With over 40 per cent of older adults in the workforce, estimates show that support from adult children and receiving public pensions, excluding Social Security, significantly reduce labour force participation and hours worked. Additionally, individuals with low education in rural areas and limited wealth or debt burdens tend to remain active in the labour market and work longer hours. It also indicates that older adults in skipped-generation families, or those with children under 18, are more likely to work beyond the age of 60. Further analyses reveal disparities in labour supply between urban and rural areas and income groups.

Access to long-term capital remains a persistent challenge for Zambian SMEs, despite their outsized contribution to GDP and employment. Public pension funds, with large capital pools and long-term investment horizons, are well-positioned to address this financing gap. However, their participation in SME investment remains limited. This study investigates the drivers, impediments, and potential implementation strategies for public pension fund investment in SMEs, focusing on the National Pension Scheme Authority (NAPSA) as a case study. The study utilized a mixed-methods study, combining both quantitative and qualitative approaches in information collection. Findings concluded that the key drivers for undertaking NAPSA SME investments were portfolio diversification, economic and social impacts, and scalable SMEs with robust governance structures and financial performance. On the other hand, the main barriers to such investment by NAPSA are poor expected returns, SME governance issues, capacity constraints at NAPSA, and illiquidity risks of such investments. The study contributes to the policy discourse by providing a comprehensive analysis of the dynamics of SME investments and proposing a sustainable framework for leveraging pension fund resources to bridge Zambia’s SME financing gap.

This study aimed to assess the effect of the Balanced Scorecard (BSC) as a performance appraisal tool on employee performance at the National Pension Scheme Authority (NAPSA) Ndola Office in Zambia. The purpose was to examine how the implementation of the BSC influenced employee motivation, productivity, job satisfaction, and overall performance, while identifying challenges encountered during its adoption. A qualitative research methodology was employed, utilizing thematic analysis of data collected through interviews with selected NAPSA employees. The findings revealed that the BSC significantly enhanced employee motivation by providing clear and measurable goals, which improved focus and engagement. It also fostered increased productivity as employees became more aware of their performance and took greater accountability for meeting targets. Job satisfaction was positively impacted through fair recognition of both quantitative outputs and qualitative contributions such as client service and personal growth. Furthermore, the BSC promoted skill development via encouragement to participate in learning and growth activities, while shifting feedback from fault-finding to constructive guidance supported continuous employee development. However, the study also identified challenges, including inadequate training on BSC usage, unclear performance metrics (particularly for non-customer-facing roles), resistance to change among some staff, administrative burdens associated with appraisal documentation, and infrequent feedback sessions limiting timely performance improvement. Despite these challenges, the BSC was found to align individual employee goals with organizational objectives effectively, promote accountability, improve work behaviors, enhance team collaboration, and facilitate feedback-driven growth. Based on these findings, the study recommended that NAPSA invest in comprehensive training programs, simplify appraisal processes, clarify key performance indicators, address cultural resistance through change management, and increase the frequency of performance reviews. These measures were suggested to optimize the impact of the BSC on employee and organizational performance. Overall, the study concluded that the Balanced Scorecard is a valuable tool for enhancing employee performance and supporting strategic management in public sector institutions, provided its implementation is supported by adequate resources and continuous improvement efforts.

Purpose: The study examined the factors affecting financial retirement planning of government employees in Tanzania. Methodology: The study employed a positivist paradigm, deductive approach, and cross-sectional survey design. The study collected quantitative data through questionnaire from government employees in Tanzania. Data from 408 employees across 24 ministries were analyzed descriptively using IBM SPSS 25, and inferentially using PLS-SEM (SmartPLS 3), which is chosen for its suitability with complex models. The hypothesized model of the study examined whether computation capability, financial knowledge, financial education, risk altitude towards financial products and financial decision behavior determines government employee’s retirement planning. Findings: Findings revealed that computation capability, risk attitude, and financial decision behavior had statistically significant positive effects on retirement planning, while financial knowledge and financial education were insignificant. Unique Contribution to Theory, Policy and Practice: Theoretically, it was established that variables of computation capability, risk attitude towards financial products and financial decision behavior collectively determine employees’ financial retirement planning preparedness which is grounded in the ideas of anticipated benefit and planned behavior. The practical implications emphasize the study's contribution to improving financial planning readiness among government employees in Tanzania. The policy consequence of this study is that governmental regulators such as SSRA, and pension scheme providers like NSSF and PSSSF, should include the identified criteria from this study in their policy evaluations to ensure reliable and efficient retirement planning.