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PensionReformsinIndia4thGlobalConferenceofActuariesIndiaLife Hewitt 15thFebruary2002AgendaBackground&CurrentFrameworkBasicIssuesReformInitiativesReformInitiativesintheprivatesectorIndiaLife Hewitt Background

StrongJointfamilyconceptWiththePatriarchasthepivotprovidedOldAgeSecurityWasadequateinaagrarian&ruralsocietyIndustrializationandurbanizationunderminedthetraditionalconceptEvenifprevalenteffectivenessasanoldagesecuritytoolisdoubtfulIndiaLife Hewitt OldageSecurityPlans

CivilServiceSchemesGovernmentatCentreandthestateassuredpensiontotheiremployeesPensionisnon-contributory,indexed,DefinedBenefit&totallyunfundedandpaidonPAYGProvidentFundcontributedbyemployeesMostoftheQuasiGovernmentinstitutionshaveadoptedthesimilarschemesIndiaLife Hewitt OldageSecurityPlansMandatedIndustrySchemesProvidentFundSchememandatedbyacentrallegislationacrossthecountryProvidesforcontributoryProvidentFundPensiontowardswhichapartoftheProvidentFundContributionsaredivertedGratuitySchemeagainmandatedbyacentrallegislationLumpsumpaymentbasedonlastdrawnwagesattheterminationofemploymentafterafiveyearsofcontinuousserviceIndiaLife Hewitt OldageSecurityPlansVoluntaryIndustrySchemesSuperannuationPlansintroducedbyemployersvoluntarilyPredominantlyintroducedbyCorporatesandDBEitheradministeredbytheTrusteesorbyLICOtherOldagesecurityschemesintroducedbytheGovernmentsGovernmentsatthestateaswellasatthecentrehaveintroducedafewschemesIndiaLife Hewitt CoverageEstimatedworkingpopulationisabout350million15%ofwhichissalariedemployees(ofwhichGovernment23%&Non-Government49%)53%areselfemployed31%areCasualcontractworkersOnlythesalariedemployeesarecoveredbyanykindofpensionplans28%ofsuchsalariedemployeesarealsonotcovered.Effectivelythismeanshardly10%oftheworkingpopulationiscovered.Asapercentageofpopulationitisaminiscule3%IndiaLife Hewitt BasicIssuesIndiaLife Hewitt IndiaLife Hewitt PensionCrisesCivilServicePensionsCentralGovtPensionliabilityis15%ofthenettaxrevenueason2000-01CombinedwithStatepensionsthepensionliabilityaccountsfor2.25%oftheGDPDemographicsExpectedpopulationincreasebetween1991and2016is49%Theelderlypersons(60andabove)wouldincreaseby107%By2026elderlypersonswouldconstitute14%ofthepopulationIndiaLife Hewitt OtherbasicissuesRegulatoryFrameworkThereareanumberoflegislations&authoritiesthatgovernPensionplansEmployeePFisoverregulatedbutundersupervisedVoluntaryEmployerPensionschemesarenotgovernedatallPhilosophyofregulationExplicitframeworkorimplicitframeworkTypeofBenefitDefinedBenefitorDefinedcontributionTaxregimeCurrentlyVoluntarySuperannuationplansareEETwhilePFandgratuityaretoalargeextentEEE.IndiaLife Hewitt OtherbasicissuesAccumulationissuesFundingtobemademandatoryCurrentlyCivilservicepensionistotallyunfundedPensionpartofEmployeePFmaynotbeadequatelyfundedGratuityismostofthetimeunfundedAssetsegregationVoluntarySAandGratuityTrustsarerequiredtoberunasirrevocabletrustsEPFOandLICpoolthecorporatepensionassetsIndiaLife Hewitt OtherbasicissuesDesignIssuesVestingNostatutorynormsOnvoluntarypensionplansitisdefinedbytheemployer,sometimeexcessivelyharshagainstemployeesEligibilityPortabilityIndexationAccesstocorpusIndiaLife Hewitt OtherbasicissuesPayoutIssuesMethodLumpsumVsAnnuitySourceLumpsumsarepaidbyTrusts,annuitiesneedtobepurchasedfromInsurancecompanyInsurance&GuaranteeShouldPensionsbeguaranteedonthelinesofPBGC?PrudentunderwritingandValuationIndiaLife Hewitt OtherbasicissuesIndustryIssuesAuthorizationcriteriaAdministrators,FundManagers,Trustees,ActuariesExpenseratiosOnvoluntaryschemesemployerhastobearallcostsNotransparencyoncostschargedbyEPFO;Employerneedstobearthesame.PrudentnormsneedstobeevolvedIndiaLife Hewitt OtherbasicissuesInvestmentsExplicitframeworkorPrudentPersonInformationDisclosure/Audit/SupervisionNormsforinformationdisclosure,Accountingconventions,etc.SupervisionandregulatorymetricscouldbemadetransparentandenforcedvigorouslyIndiaLife Hewitt ReformsOASISCommittee–thefirsteffortRecommendedtheChileanmodelforcoveringunorganisedsectorUtilisingthevastnetworkofPublicSectorBanksandPostOfficesWithindividualchoiceoninvestmentsandFMsWellintendedbutisitpractical?IndiaLife Hewitt ReformsBudget2001–BeginningofseriouseffortsCommitteesetuptosuggestroadmaponCivilServicePensionIRDAtosuggestroadmaponcoverageBothreportsarewiththeGovernmentBudget2002tobeannouncingthenextsteps.EPFO–BPRaimedatreinventingitselfIndiaLife Hewitt ReformsPrivateSectorinitiativesinfluencedbyLabourMobilityChangeinConceptofSalary

TaxabilityofSalary

InterestrateregimeC

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