The global challenges of financing pensions arise from ageing but reflect individual pathologies: Europe needs to invest more, America needs to save more, and China needs to consume more. India needs all three, and well-designed pensions will enhance public finances, accelerate the creation of formal non-farm jobs, and deepen domestic investment pools. Recent changes by the Employees’ Provident Fund Organisation (EPFO) represent a bold shift from control to trust, enabling future pension reform, especially in balance portability, employee choice, and NPS competition, facilitating lifetime, Aadhaar-linked Citizen Social Security Accounts (CSSA).

Pensions have three pillars: Government, individuals and employers. The first pillar began in Germany under Otto von Bismarck, with pensions promi

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