alexa Abstract | Factors Influencing the Participation in Defined Contribution Pension Scheme by the Urban Unorganized Sector in India
ISSN: 2375-4389

Journal of Global Economics
Open Access

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Research Article Open Access

Abstract

The present study is focused towards understanding the financial behavior of unorganized workers about the various old age pension schemes provided by the Government of India, and their willingness to participate for voluntary contribution for old age. This paper has comprehensively analysed the issues related to New Pension Schemes (NPS) and highlights the appropriate gaps in the system through an empirical study in Burdwan District, West Bengal, India. The present study assesses the overall awareness level of NPS products and the factors that influence the individual behavior regarding everyday financial decisions. The study further examines the relative significance of these factors on voluntary participation in the NPS and finds that future financial concern and financial advice are very important factors that influence the decision making of the individuals. But the financial literacy is pivotal for awareness of the availability of such schemes for old age security.

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Author(s): Amlan G and Shrutikeerti K

Keywords

Social security , Pension , Unorganized sector , NPS , Financial Literacy, Global Market, Socio Economics Status, Economic Growth, Gross Domestic Product ?GDP, Economic Policies, E-Governance, Micro Economics, Financial Crisis, Social Economics, Business Management, Stock Market, Trading, Foreign Exchange, Economic Resources, Banking Research, Global Accounting, E-banking, World banking

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