New Delhi, April 5 : The National Pension System (NPS) has emerged as a cornerstone of India's pension sector with an accumulated corpus of Rs 14.4 lakh crore and 8.4 crore subscribers under NPS and the Atal Pension Yojana (APY), according to PFRDA chairman Deepak Mohanty.

Speaking at the first 'International Research Conference on Pension 2025' here, Mohanty said the focus of the pension system remains on expanding coverage, ensuring financial sustainability, and building a pension-inclusive society for future generations.

The two-day event was organised by the Pension Fund Regulatory and Development Authority (PFRDA), in collaboration with the Indian Institute of Management Ahmedabad (IIMA), to mark a historic milestone in India's journey toward robust old-age income security.

Minister of State for Finance, Pankaj Chaudhary, said India's demographic landscape is rapidly changing and with 19 per cent of the population projected to be elderly by the mid-century, securing financial independence through inclusive pension schemes is not merely a goal, but a vital need for the country.

'Pension for All' must become a national priority, requiring policy action to ensure a dignified and secure future for our aging population, he added.

Nagaraju Maddirala, Secretary, Department of Financial Services, highlighted that India's pension framework stands at a pivotal moment of transformation and through the launch of the Unified Pension System and efforts to broaden coverage, the government is creating a robust foundation for secure retirement.

UPS provides an assured pension of 50 per cent of the average basic pay drawn over the last 12 months prior to superannuation. India's pension assets, constituting roughly 17 per cent of GDP, fall far short of the OECD average, where they typically exceed 80 per cent, revealing a stark disparity in retirement readiness.

Experts also held discussions at the conference to explore strategies adopted by various countries for enhanced pension coverage, building a sustainable pension system and challenges faced in inclusion of informal sector and gig economy workers.

This was followed by the session titled 'Global Lessons on New and Innovative Investment Practices in the Pension Industry,' which showcased innovative investment methods, approaches for the product design and sharing of international success stories to inspire India's pension sector.

Besides, there was a discussion on the 'Pension Forum for Regulatory Coordination and Development of Pension Products,' where a panel of regulators and government debated harmonizing policies for pension products across regulators and innovative strategies to drive the growth and accessibility of pension products in India.

/IANS