Micropensions enable people in poor communities to contribute to superannuation accounts, helping them stay financially self-sufficient in their latter years.
Micropensions enable people in poor communities to contribute to their own superannuation accounts, helping them stay financially self-sufficient in their latter years when they can’t work any more. In some cases, contributions are matched by the government.
In India, it’s estimated that nearly 30 percent of salaried workers and most informal workers – who are primarily people living in poverty – do not receive a pension (Microsave). Without this security, they’re likely to experience health, housing and financial problems in their old age, adding to their vulnerability. To help combat this problem, the Indian government offers a pension scheme specially designed to help people living in poverty, leveraging the outreach of microfinance programs. Our programs act as ‘aggregators’ for the scheme, making the pension available to loan recipients and organising enrolments, collections and transfers of contributions.