Pension System Reform in India: Analysis of the Impact on the Administration and Regulation within the Pension System

Abstract

This research focuses on the pension system in India and the pension systems reform that have been adopted to make the pension system more effective and efficient. The clamor for the pension reforms was driven by the challenges that existed within the old pension system structure in India. The pension reforms that were adopted in India were driven by various factors that include low pension coverage, pension system fiscal effects, high elderly poverty and administrative and regulatory ineffectiveness and inefficiencies. This research was borne from the weak and inefficient administration and regulations structure that existed within the pension system in India. The main focus of this research was to evaluate the impact of the adopted pension reforms on the administration and regulation structure within the pension system.The primary data that was used to evaluate the impact that the pension reforms have had on the administration and regulation within the pension system was gathered by the use of questionnaires which were administered across five major states within India, based on the Census population data. The questionnaire that was used was in the form of a structured questionnaire. The research had a high response rate averaging over 80% in all the states that were considered with Andhra Pradesh at 85.19% having the highest. The questionnaire data that was used in the analysis had a Cronbach alpha of 99.7% indicating a high degree of reliability.The research used a five point Likert scale including strongly disagree, disagree, neutral, agree, and strongly agree. The research tested the null hypothesis that the pension reforms have led to improved administration and regulations within the pension system. Out of the total respondents 127 strongly agreed and agreed with the research proposition that the pension reforms have improved the administration and regulations within the pension system.190 of the 217 research respondents were of the opinion that the pension reforms had not led to improved regulations and administration within the pension system. The research concluded that the pension reforms have not resulted in the improvement of the administration and regulations within the pension system.

Keywords: OASIS, Pension reform, pension system administration and regulation.