Page 47 - The Insurance Times October 2024

Pension to Elderly

Women- A step

towards dignified

Dr. Seema Arora
grey years School of Insurance Studies,
Deputy Director

National Law University, Jodhpur,

The problem of old age is more severely felt by the women because of their being financially
dependent either on the spouse or on children. Ignoring the issues concerning elderly women poses
a major social development challenge for the country.

Pension Security to Elderly Women amount of pension related to the final salary of the
employee, but with the formation of National Pension
The problem of old age is more severely felt by the women
Scheme the government has shifted to defined
because of their being financially dependent either on the
contribution type of pension.
spouse or on children. Ignoring the issues concerning elderly
women poses a major social development challenge for the 2. Pension scheme under Employees Provident fund
country. Though many social organizations and activists are and miscellaneous provision Act, 1952.- Following
working for empowering women through various media, three schemes benefit are available to the employees
many initiatives have been taken at government level for covered under the Employees' Provident Funds and
protection and empowerment of women, but they hardly Miscellaneous Provisions Act, 1952:
focus on old age income security of women. i. Employees' Provident Fund Scheme, 1952.
ii. Employees' Deposit Linked Insurance Scheme,
Majority of the problems being faced by elderly females have
1976.
emerged out from a core problem of poverty. If they are
financially sound they will be in a position to cope up with iii. Employees' Pension Scheme, 1995 (replacing the
Employees' Family Pension Scheme, 1971)
these problems. The social security of pension is not
available to all in our country. Major pension schemes or the Employees' Family Pension Scheme, 1971- There was
old age financial assistance available for the elderly a provision of pension to the family only in case of death
population in our country are as under: of the member under this scheme .Pension amount was
1. Central and State Government Pension - Central also very small as the contribution collected to the
government and State government employees receive scheme was only 3.34% (1.67%x2) of the wages. This
pension from the government. These schemes were scheme ceased and was replaced by the Employees'
defined pattern type of schemes and provided a definite Pension Scheme, 1995 ("Pension Scheme").

42 October 2024 The Insurance Times