The government expressed concerns over the social security of employees of the unorganized sector. The Pension Fund Regulatory and Development Authority (PFRDA) would soon announce schemes for the welfare of unorganized sector. 

The managing trustee of New Pension Scheme (NPS) Trust, N R Rayalu said that India’s 87 per cent working population is not getting the pension benefits. NPS would set up an institutional advisor to get recommendations on the matter of pension schemes for unorganized sector.

The Pension Fund Regulatory and Development Authority have also decided to invite expression of interest to appoint pension managers in the country. The country has only three pension managers at present. These public sector managers are owned by Life Insurance Corporation, UTI Asset Management Company and State Bank of India. 

The pension body also stressed the need to provide financial education to unorganized sector. PFRDA has also appointed a committee to analyze the default pattern of pension schemes in India. Deepak Parekh will head this committee.