Standardising pension schemes is the need of the hour, Telangana Special Secy Jayesh Ranjan
HYDERABAD, Nov 16 (The CONNECT) — “Grow rich before you grow old” — that was the sharp message from PFRDA Chairperson S. Raman as regulators, industry leaders and fintech players gathered here on Friday for a Corporate Conclave on the National Pension System (NPS), organised by PFRDA in partnership with KFintech.
Raman said retirement planning remains a subject most Indians avoid despite rising life expectancy and a fast-ageing population. “Many people remain unaware of financial planning, wealth creation and financial instruments,” he warned, calling for digital simplicity and industry support. “Anyone with a mobile phone should be able to open a pension account instantly. Technology must be infused into every financial product,” he said.
India’s pension market, he noted, remains largely untapped. “We have a workforce of over 55 crore, but only 10 crore are in the organised sector. With just ₹3,000 a month and a modest annual increase of 2–3%, one can expect about 9.2% CAGR,” Raman added.
Earlier, Chief Guest Jayesh Ranjan, IAS, Special Chief Secretary to the Telangana Government, said the pandemic had redefined trust between employees and employers. “The crisis proved employee loyalty and the care shown by employers. But how many employees truly recognise the value of that loyalty?” he asked.
Ranjan said India’s demographic dividend comes with a responsibility to prepare for a rapidly ageing population. While Telangana offers a structured pension framework for government and organised-sector employees, he said large coverage gaps remain. “What about people in the unorganised sector?” he asked.
He announced that gig and platform workers in Telangana will soon receive social security under the forthcoming Telangana Gig and Platform Workers (Registration, Social Security and Welfare) Act, 2025, expected in the next Assembly session. He also revealed plans for a unified pension scheme for all state government employees with PFRDA support. “Standardising pension schemes is the need of the hour,” he said, urging corporates and pension funds to innovate for underserved groups.
The conclave featured a corporate presentation on NPS by PFRDA Chief General Manager Sumit Kumar, followed by two panel discussions — one on increasing corporate participation in NPS with leaders from ICICI Prudential Pension Fund, UTI Pension Fund and DSP Pension, and another on technology’s role in expanding NPS access, featuring fintech heads from Asset Plus, PensionBox and Alldigi Tech.
Telangana corporates NMDC, Qualcomm and Cyient were honoured for strengthening the NPS ecosystem.
