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...

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.

READ THIS ARTICLE FOR $15
$15 provides access to this article and every case-study, interview, and analysis piece that we publish for the next 30 days. Our Premium Subscription also provides access to a database of over 100,000 articles on innovation in brand, customer, and retail experience.
Already a subscriber? Log in