India does not have a comprehensive old age income security system.
There are however, some mandatory schemes for employees of State and Central
governments, employees of public sector banks, employees in firms with a staff
of 20 or more and some others.
In recent years, the insurance and the mutual fund industry in India has also
started offering pension plans. In 2004, a new defined contribution individual
account pension system was constituted for Central government employees recruited
after January 1, 2004. This will soon be open for all citizens of India on a
voluntary basis.
For more information on pensions in India, click here.
