After Micro-Finance, Here Comes The Micro-Pension

After Micro-Finance, Here Comes The Micro-Pension
Innovation

At the behest of the Finance Minister, the government-run financial institution UTI has introduced a novel micro-pension scheme that ultimately aims to cover the 360 million Indian workers in the...

Sukumar
  • 3 may 2006

At the behest of the Finance Minister, the  government-run financial institution UTI has introduced a novel micro-pension scheme that ultimately aims to cover the 360 million Indian workers in the poorer segment. Each worker can open a retirement account with a minimum contribution of Rs. 50 ($1.15).  The idea is to pool these accounts and invest in the stock market and other financial instruments much like any pension fund. The workers can withdraw money only when they reach the age of 58.  Initially about 8 million workers are expected to join this program in the first year.

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