Pension reform is not an event, it is a process. A long process

Approval of the PFRDA Bill by parliament is a historic victory in India’s battle against its looming old-age poverty crisis. The social and fiscal cost of a tax-funded social security would have been far more than India can imagine or afford. The current 100 million elderly, most of whom were excluded from formal pension arrangements while they were young, today face the grim prospect of living for another 20 years in poverty.

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