Pension reforms: A study on the contributory pension scheme of Government Of Odisha

Pension plans provide financial security and stability during old age when people don't have a regular source of income. Retirement plan ensures that people live with pride and without compromising on their standard of living during advancing years. Pension scheme gives an opportunity to invest and accumulate savings and get lump sum amount as regular income through annuity plan on retirement. Pension reforms are an essential part of managing India's calibrated globalisation, based on open society, open economy paradigm. This paper argues that there is a strong case for reforming existing pension fund organisations and for better design and delivery systems for old age assistance. The paper also reviews status of New Pension Scheme in the State of Odisha with a view to identifying reform needs in their governance and regulatory structures.