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A pension is a regular income received after retirement, designed to support individuals when they stop earning actively. It ensures financial stability in old age and helps maintain dignity and independence after retirement. ⸻ Why is Pension Required? 1. No regular income after retirement – Salaries stop, but expenses don’t. 2. Rising life expectancy – People live longer, so savings must last longer. 3. Medical expenses increase with age – Healthcare costs rise significantly. 4. Inflation erodes savings – Money loses value over time. 5. Financial independence – Avoid dependence on children or others. A pension acts as a monthly salary replacement in old age. ⸻ Old Pension Scheme (OPS) vs New Pension Scheme (NPS) Old Pension Scheme (OPS) • Applicable to government employees appointed before 1 January 2004 • Pension = 50% of last drawn salary • Fully funded by the government • No contribution from employees • Guaranteed lifelong pension Problem: OPS puts a huge financial burden on the government due to increasing retirees and longer life expectancy. ⸻ New Pension Scheme (NPS) • Applicable to government employees after 1 January 2004 • Also open to private sector and self-employed individuals • Employee and employer both contribute • Pension depends on market-linked returns • Portable and transparent • Encourages personal responsibility for retirement Advantage: Financially sustainable and reduces long-term pressure on government finances. ⸻ When Should One Start Investing for Pension? • Best time: As early as possible (20s or early 30s) • Early investing benefits from power of compounding • Small monthly investments can create a large retirement corpus • Delaying pension planning increases financial stress later Golden rule: 👉 The earlier you start, the less you need to invest. ⸻ Why Can’t the Government Provide Pension to Everyone? 1. Huge population – India has over 140 crore people 2. Limited tax base – Only a small percentage pays income tax 3. Rising life expectancy – Pension payments last longer 4. Competing priorities – Health, education, infrastructure, defense 5. Fiscal sustainability – Unlimited pensions can lead to financial crisis Therefore, the government promotes self-funded pension systems like NPS. #PensionPlanning #RetirementPlanning #NPS #OldPensionScheme #FinancialSecurity #InvestEarly #PersonalFinanceIndia #SecureRetirement #socialsecurity #finacialplaning #epfo_pension_news_today #epfo ‪@officialepfo‬ , ‪@EPFO_NEWS‬