The new NPS Vatsalya pension scheme for children up to the age of 18 years will allow parents to open an account in the name of their minor children with a minimum contribution of Rs 1,000 per annum to save money from an early age. According to Finance Minister Nirmala Sitharaman, this is to secure the future of children in their old age. A noble idea indeed.
Likewise, today’s senior citizens were also promised old-age pension under the Government’s EPS-95 pension scheme and contributed regularly from their salaries in the hope of obtaining financial security in their old age. Unfortunately, nothing of this has materialised, even after 30 years of retirement, and pensioners under the EPS-95 scheme are asked to be content with a measly Rs 1,000 per month as old-age pension security. What a travesty of justice, to say the least. It is only hoped that the children of today do not meet with the same fate in their old age.
