| dc.description.abstract | Ageing populations with increased life
expectancy, low mortality rates, and
decreasing and volatile returns in financial
markets have made old age financial security difficult.
Developing countries like India, in fact, face a bigger
challenge. India lacks a social security framework and
the ageing population has to largely depend on
extended families and other informal means for Old
age security. The vast majority are not covered by a
formal pension system; they rely instead on their own
earnings and transfers from children. The traditional
and informal methods for income security, such as the
joint family system in India, are increasingly not in a
position to cope with the enhanced life span and
medical costs during old age. Further, escalating costs
of the pension system are forcing the Indian
government to re-evaluate its programmes providing
social security to its employees. | |
