Pension Scheme Should Cover Every Individual In India : Minister Jayant Sinha

15 April, New Delhi

Minister of state for finance Jayant Sinha Wednesday said that there is need to provide universal pension coverage to each and every individual in the country.

Addressing a meeting on National Pension System (NPS) corporate sector model in New Delhi, Sinha said that Pension scheme should be developed in a way so that it could cover all social sectors.

The minister said the successful model of NPS will help to create a long term capital pool, which will help to finance the infrastructure projects in the country and enable entire finance system to work in better way.

The Minister also said, steady pension saving will create liquidity which help to reduce equity market volatility.

NPS was initially introduced for the central government employees who joined services on or after January 1st 2004. It was later made available to all citizens of the country voluntarily on 1st May 2009.