Govt should enforce to pay 100% contribution in pension fund by private sector Employer only
Yes, the government should enforce private sector employers to pay 100% of the contribution to the pension fund of their employees. This is because the responsibility of providing retirement benefits falls on the employer, and it is important that they fully contribute to the pension funds of their employees.
By enforcing 100% contribution by employers, the government can ensure that employees have sufficient funds to support their retirement, which can help reduce poverty and improve the quality of life for retirees. It can also help to reduce the burden on government-funded retirement programs and ensure that private sector workers have access to the same retirement benefits as those in the public sector.
Moreover, enforcing 100% contribution by employers can incentivize them to offer competitive pension plans to attract and retain talented workers. This can benefit both employers and employees, as it can help to build loyalty and increase job satisfaction.
In summary, enforcing private sector employers to pay 100% of the contribution to the pension fund of their employees is essential for the financial security of private sector workers and can have broader economic benefits for society as a whole.
Why require Nation pension authority in India?
The creation of a National Pension Authority (NPA) in India is important because it can help to ensure the effective regulation and supervision of the country’s pension system. A well-regulated pension system is crucial for the financial security of retirees and can help to reduce poverty among the elderly.
The NPA can have several functions, including overseeing the implementation and enforcement of pension regulations, monitoring pension schemes and funds, and promoting transparency and accountability in the pension system. It can also work to raise awareness about the importance of retirement planning and provide guidance to individuals and employers on pension-related matters.
Moreover, the creation of an NPA can help to address some of the challenges facing India’s pension system, such as low coverage, inadequate benefits, and fragmentation. By promoting a more unified and efficient pension system, the NPA can help to ensure that all workers have access to adequate retirement benefits and can retire with dignity and security.
Additionally, the NPA can play a critical role in promoting financial inclusion by extending the reach of the pension system to low-income and informal sector workers. This can help to reduce poverty and improve the overall economic well-being of the country.
In summary, the creation of a National Pension Authority in India is essential for ensuring the effective regulation and supervision of the country’s pension system.