Innovations in Governance for the Welfare State by Devising a Comprehensive Pension Model in the Indian Context

Abstract

A welfare state is committed to the holistic wellbeing of its citizens. These commitments can only be achieved when the state can establish good governance coupled with innovations throughout its administrative ecosystem. The provision of a defined pension has been earmarked as one of the key social security measures. The National Pension System has replaced the erstwhile General Provident Fund (GPF)-led pension in India, shifting from the socialist ideology to a market-driven model. The article suggests a self-reliant and sustainable Contributory Defined Pension System (CDPS) that would address all these concerns and can be extended to the government, PSUs and private sector.