IRCP 2025 Concludes With Global Leaders, World Bank Participation

07 Apr 2025 CW Team

This platform brought together policymakers, scholars, industry leaders, and international experts to deliberate on the evolving dynamics of pension reforms, financial preparedness for retirement, and innovative strategies to secure the future of aging populations.

Highlighting a big change in India’s demographic landscape, necessitating urgent and inclusive pension reforms to secure a dignified future for its aging population, Pankaj Chaudhary, Minister of State for Finance in his key note stated that India’s demographic landscape is on the profound shift in the coming decades. By 2050, one in five Indians will be over 60, and by 2047, the elderly will outnumber children. With 19 per cent of the population projected to be elderly by mid-century—predominantly women—securing financial independence through inclusive pension schemes is not merely a goal, but a vital need for the country. ‘Pension for All’ must become a national priority, requiring policy action to ensure a dignified and secure future for our aging population.

In his address, Nagaraju Maddirala, Secretary, Department of Financial Services highlighted that India’s pension framework stands at a pivotal moment of transformation and through the launch of the Unified Pension System and efforts to broaden coverage, we are creating a robust foundation for secure retirement. UPS provides an assured pension of 50 per cent of the average basic pay drawn over the last 12 months prior to superannuation. India's pension assets, constituting roughly 17 per cent of GDP, fall far short of the OECD average, where they typically exceed 80 per cent, revealing a stark disparity in retirement readiness.

Welcoming distinguished guests, global thought leaders, and industry stakeholder, Dr Deepak Mohanty, Chairperson of PFRDA in his address stated that the National Pension System (NPS) has emerged as a cornerstone of India's pension sector, fostering financial security for millions, with an accumulated corpus of Rs 14.4 trillion and 80.4 million subscribers under NPS and APY. As we embrace technology-driven initiatives and innovative policy solutions, our focus remains on expanding coverage, ensuring financial sustainability, and building a pension-inclusive society for future generations.

The opening day of the First International Research Conference on Pension (IRCP) 2025 at Bharat Mandapam was a resounding success, featuring three dynamic panel discussions that captivated attendees with their depth and diversity.

The First International Research Conference on Pension (IRCP) 2025 held in New Delhi concluded yesterday. It was inaugurated on 3rd April at Bharat Mandapam by Pankaj Chaudhary, Minister of State for Finance, Government of India. The two-day event was organised by the Pension Fund Regulatory and Development Authority (PFRDA) in collaboration with the Indian Institute of Management Ahmedabad (IIMA), to mark a historic milestone in India’s journey toward robust old-age income security. This platform brought together policymakers, scholars, industry leaders, and international experts to deliberate on the evolving dynamics of pension reforms, financial preparedness for retirement, and innovative strategies to secure the future of aging populations. Highlighting a big change in India’s demographic landscape, necessitating urgent and inclusive pension reforms to secure a dignified future for its aging population, Pankaj Chaudhary, Minister of State for Finance in his key note stated that India’s demographic landscape is on the profound shift in the coming decades. By 2050, one in five Indians will be over 60, and by 2047, the elderly will outnumber children. With 19 per cent of the population projected to be elderly by mid-century—predominantly women—securing financial independence through inclusive pension schemes is not merely a goal, but a vital need for the country. ‘Pension for All’ must become a national priority, requiring policy action to ensure a dignified and secure future for our aging population. In his address, Nagaraju Maddirala, Secretary, Department of Financial Services highlighted that India’s pension framework stands at a pivotal moment of transformation and through the launch of the Unified Pension System and efforts to broaden coverage, we are creating a robust foundation for secure retirement. UPS provides an assured pension of 50 per cent of the average basic pay drawn over the last 12 months prior to superannuation. India's pension assets, constituting roughly 17 per cent of GDP, fall far short of the OECD average, where they typically exceed 80 per cent, revealing a stark disparity in retirement readiness. Welcoming distinguished guests, global thought leaders, and industry stakeholder, Dr Deepak Mohanty, Chairperson of PFRDA in his address stated that the National Pension System (NPS) has emerged as a cornerstone of India's pension sector, fostering financial security for millions, with an accumulated corpus of Rs 14.4 trillion and 80.4 million subscribers under NPS and APY. As we embrace technology-driven initiatives and innovative policy solutions, our focus remains on expanding coverage, ensuring financial sustainability, and building a pension-inclusive society for future generations. The opening day of the First International Research Conference on Pension (IRCP) 2025 at Bharat Mandapam was a resounding success, featuring three dynamic panel discussions that captivated attendees with their depth and diversity.

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