Jaipuria Institute of Management hosted a guest session on ‘Pension Funds’ recently.
Jaipuria Institute of Management, Indore organized a guest session for the course Financial Markets and Services for batch 2015-17 on “Pension Funds” with Dr. Kavim V Bhatnagar, Social Protection Economist.
Most of the people in our country are dependent on their children and relatives for financial support during old age. But nobody wants to be a burden on anyone. Everyone wants to lead their life with dignity so saving money for future will be the best option .This calls for Micro Pension, an initiative of the National Pension Commission (PenCom) meant to lead the marginalized section of the society towards a better and more financially secured future.
Dr. Kavim V Bhatnagar, Social Protection Economist, was invited to provide an in-depth knowledge and make students aware of the Pension Funds. The session was coordinated by Dr. Priti Bakhshi and was attended by the Finance and HR Students.
Dr. Kavim V Bhatnagar has an in-depth knowledge and broad based experience in designing, developing and articulating inclusive pension systems in developing countries like India, Nepal, Bangladesh (Ongoing), Rwanda, Cambodia etc. and has vast experience of implementing inclusive contributory and co-contributory pensions for the poor in India.
The session began by defining to the students about National Pension System which is a defined contribution based Pension Scheme launched by Government of India. It has three objectives:
To provide old age income
- Reasonable market-based returns over long run
- Extending old age security coverage to all citizens.
- He discussed the following points in length:
- Introduction to Pension Funds
- Goals and Investment guidelines for Pension Funds
- Regulator- PFRDA
- New Pension System (NPS)
Further, NPS offers a wide range of benefits to individuals, making it a unique investment opportunity. Some of the salient features of NPS are Portable Account, Online Platform, Flexible Contribution Mechanism, Efficient Grievance Management, Transparent Investment Norms and Low cost of Operations. After that, he talked about the various changes that take place in the new system.
The main purpose of the session was to teach students the reasons like increase in life expectancy, change of social structures, desire to remain a contributor, and lack of social security system has made important to plan for retirement. As a result, it helped the students to start saving their money in productive options and make them secured for old age.
This session of learning and great insights came to an end with the students exchanged vote of thanks to Dr.Bhatnagar for sharing his valuable time and knowledge with the students.
Source: Insiya Ali, Rohan Srivastava, HTCampus Specialist
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