The political economy of pension reforms in India

SUMMARY: India's far-reaching civil service pension reforms in 2008 provided its fragmented and diffuse pension system a unifying organizing framework. The design and architecture of the reformed civil service program, the National Pension System, was subsequently extended to those employed in private formal and informal sectors. The article assesses India's pension reforms and identifies challenges for the National Pension System in providing old-age income security. The article also presents estimates for universal social pension scheme and argues that its implementation is constrained by political factors and not necessarily by fiscal constraints.