Pension Security to Elderly Women
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. Though many social organizations and activists are working for empowering women through various media, many initiatives have been taken at government level for protection and empowerment of women, but they hardly focus on old age income security of women.
Majority of the problems being faced by elderly females have emerged out from a core problem of poverty. If they are financially sound they will be in a position to cope up with these problems. The social security of pension is not available to all in our country. Major pension schemes or the old age financial assistance available for the elderly population in our country are as under:
1. Central and State Government Pension - Central government and State government employees receive pension from the government. These schemes were defined pattern type of schemes and provided a definite amount of pension related to the final salary of the employee, but with the formation of National Pension Scheme the government has shifted to defined contribution type of pension.
2. Pension scheme under Employees Provident fund and miscellaneous provision Act, 1952.- Following three schemes benefit are available to the employees covered under the Employees' Provident Funds and Miscellaneous Provisions Act, 1952:
i. Employees' Provident Fund Scheme, 1952.
ii. Employees' Deposit Linked Insurance Scheme, 1976.
iii. Employees' Pension Scheme, 1995 (replacing the Employees' Family Pension Scheme, 1971)
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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.
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