Understanding India's Pensions Disaster | Episode 65

Understanding India's Pensions Disaster | Episode 65 | Everything is Everything

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Күн бұрын

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@oflavia2910 Ай бұрын

The key hole is absence of serious public debate in this country on any topic incl inflation where deep thinking is shared for public learning. Thanks to ajay and amit we have it here. I lament about those who follow mainstream lack this exposure and stand to lose the most 😢

@mamunurushankar3358 16 күн бұрын

What smacks UPS is the lack of transparency and public debate, which Mr. Shah rightly pointed out.

@raghavkumar7779 Ай бұрын

I'm at the PennState University, and thanks to these two I can engage with people working on policy, yet at most for two minutes, and many say that they have no plans of coming back to India, because the state and the society cares naught about them or what they have to say :( I think the Indian populace has been sucked into a get rich quick scheme, and in the name of being Vishwagurus, we're moving towards becoming the world's Gurughantals!

@AbhinavKumar-oy7hx Ай бұрын

The 18.5% contribution by GOI in UPS is so discriminatory against the 95% of Indian population who are NOT in government jobs. The fixed pension should be fully from government employees' salary , NOT from taxpayer's money. Already the government employees get many benefits and good pay, why should they get 18.5% whereas no such contribution for private employees.

@anantjoshi5103 Ай бұрын

The employer contribution itself isn’t super egregious. It’s similar to employer matching schemes for retirement accounts globally (e.g the 401k in the US) The bigger issues are the defined benefit scheme aspects as well as inflation indexing (which ideally would be addressed by a well diversified globalized equity portfolio)

@oflavia2910 Ай бұрын

@@anantjoshi5103also needs to apply to all working citizens not just formal sector

@saikatlahiri1435 Ай бұрын

@@anantjoshi5103It is egregious. 18% of basic plus DA is way higher than any company match in a 401k. The mean employer match is 4.6%, with the median being 4%. 18% is off the charts.

@manuprasad3178 Ай бұрын

Brilliant episode as always. So many ah ha moments. Ajays comments on “no country in the world does pensions correctly” was mind boggling. Will you be doing an episode on healthcare? I feel like healthcare everywhere has similar problems ? Or is it not the case ?

@amitvarma Ай бұрын

Ajay considers Amrita Agarwal to be India's top expert on healthcare, and I have a long episode of The Seen and the Unseen with her on the subject.

@at5112opsiarw Ай бұрын

Excellent discussion... But you are mistaken if you think it isn't a vote bank... The ops vote bank includes not just those who are currently employed with the government but also the millions of unemployable youth this country produces every year, particularly in the bimaru states, who want only government jobs. It's a huge vote bank.

@AbhishekSingh-ip3xe Ай бұрын

Thank heavens for Ajay Shah 🙏🏽🧿

@sumantrawat5586 Ай бұрын

Thank you for informing and enlightening the public in India as well as the NRI who is concerned about the Indian Government's public finances. It would be helpful to compare India's expenditure on social welfare and pensions when compared to other countries at a similar state of development.

@tanmay771 Ай бұрын

Listening to this and wow, having an eye opening moment every 5 mins

@agniveshkumar5485 Ай бұрын

Long time listener (and gentle reader) and first time commenter! Just to give a flavor of what AS is saying at 20.45. Given a set of rudimentary assumptions, for a sample pensioner earning INR 10K pension a month, the probabilistic NPV (at age 60) of inflation linked pension is 1.6x of normal pension. It's 3.9x in case of wage-inflation linked pension. Tried sharing the link to the file here, but my comment keeps getting deleted. TIL sharing links in YT comments are marked as spam and the comment is automatically deleted! Goes without saying that the ratio of increases change, if the underlying assumptions change. In my limited understanding, a govt. employee is also entitled for family pension i.e. the family gets a portion of the pension upon the death of the primary pensioner. If those bits are not incorporated in the sample workings. And, of course, the workings discussed here are not an actual representation of how an actual valuation would be carried out. This is just to give the the audience a numerical flavor of the conversation. Thank you AS & AV and team EIE and TSATU. Huge, huge fan of your work. Cheers!

@vishalsinghrana9440 Ай бұрын

These videos are gold standard.

@jawaharsolai4303 Ай бұрын

Awesome episode that laid out clearly not only the issues on the Indian pension system but all the issues around policy making process in India. Well done. In an episode like this, it will help if we can use some data charts to support the points made in the talk so that magnitude of the issues before the people are made clear. Wish we have 100 such shows on same or similar topics so that there is an intellectual consensus on the big ticket reforms that are essential for India to become a middle income country. Overall 100 + minutes of engaging conversation. Thanks

@ajayshah5705 Ай бұрын

We have promised to run till Ep104.

@mayankchari4632 Ай бұрын

Absolutely fantastic work! Thank you EIE team!

@MMR3000 Ай бұрын

Loved this episode. Listened to it twice and now heading to re-listen the TSATU episode on pensions.

@ajayg6358 Ай бұрын

Have just started watching the episode. The location looks amazing. Calm and serene. Where was this episode filmed?

@awenindo Ай бұрын

I just feel like employees of the state being seen as wards of the state is dangerous.

@jithinsunny1323 Ай бұрын

The kind of discussions TV shud show ❤

@neerajps4616 Ай бұрын

Fully agree with Ajay's points. But when Amit says NPS is better or as good as OPS for the individual, i think that is not fully accurate. Unless the state reneges on the pension promises, the individual is much better off with the OPS scheme compared to NPS in the way it is currently designed.

@amitvarma Ай бұрын

In a fantasy world. Money doesn't fall from the sky, and the OPS promises cannot be met in the long term, period. They are sure to bankrupt the state.

@nerdlearner0403 Ай бұрын

Great perspective

@yalothomas Ай бұрын

Great insights.. Waiting for the personal financial session.

@vidyab1422 Ай бұрын

This episode was a welcome surprise. I thought you don't comment on recent political discourse. I have followed your pension series in SeenUnseen. A question - what next, when the states will go turtle and start reneging on promise. Which states will go first? Will other states learn lessons from that. What about defence? Will they be able to spend more on tech and not on salary and pensions? Looking forward to the life lessons especially on personal finance.

@user-ng5xr2ju2z Ай бұрын

Amit and Ajay, If someone wants to thank you, or just pay a tribute to you and your work, what would be the best way to do that?

@kedarbhide007 Ай бұрын

Great episode

@victorcooper6593 Ай бұрын

I would say that the lowest rung should get maybe 75%, lower middle rungs (mangers) 20k, senior rungs 30k, and top levels 40k .... Enough to take care of food, electricity, insurance, travel, etc. (I say this based on my own comfortable living budget including car of about 500km per month of 20k)

@vishvendrasingh5780 Ай бұрын

A suggestion: you guys should consider designing a logo for the EiE show and should change the name of the YT channel as well

@SThomas2024 Ай бұрын

While I agree to the pension problem needs to be tackled since it’s related to pension for government employees , I am not convinced that Government should not get into health benefits that is for entire society . We should figure out a way to manage the costs . Advising that Government should not get into this because costs will be uncontrolled, does not seem to be right approach ..

@KhattaMeethaOficial Ай бұрын

In India Public Z service has Become self service , These guys take Good salaries, Good Pention , blatant corruption (Literally have made country Feudal)…..Collapse of civilisation what I see..❤❤❤

@vishvendrasingh5780 Ай бұрын

Finally

@abhijeet7153 Ай бұрын

Who is that goofy kid in the end part of the video.... Really really goofy kid with spects and white tshirt for approximately 5 seconds of the ending part.... Fun really fun....

@amitvarma Ай бұрын

Pintoo.

@srinivasvyasarao Ай бұрын

I think the podcast show cases NPS in a good light, NPS invests in equity markets depending on age and other factors, the returns are assumed for a handsome accrual at the time of retirement. However the author conveniently forgets 401K / IRA ( an equivalent of NPS in the US ) invested in the markets had simply dissolved life savings of millions of Americans in 2009 sub prime Mortgage crisis. The estimated losses amounted to 3 Trillion approximately. US has a history of printing money and can spread inflation like a disease across the world but India cannot. The interviewer does not critically question the author and accepts what he says..

@ritwikmallik4777 Ай бұрын

Does anyone know which economist Amit was referring to at 4:56 ? I just want to read the entire statement/OpEd if there is one. Thank you.

@amitvarma Ай бұрын

It was a private comment, which is why I didn't take the name. But both Ajay and I agree with that view, and unveiled the argument for it.

@shambhavibundela7975 Ай бұрын

Subscribed🎉

@sathyendrababu7868 Ай бұрын

I am stunned twice over 😅 1st by the great origin& process & the present day morass of Pensions by Ajay! 😮❤ & 2nd by Amit asking us to do a structural reform on self😅❤ Finally, its no shirt on my back.. U guys can buy a branded shirt maybe Uniqlo🎉 & move indoors! The paucity of intellectual discourse on a continuous basis.. The intellectual ferment required is sadly missing... Can it be ever revived by the govt of the day 😢😂❤ Dave- Bhatia paper where do we find it!? Atomic habits is the book i shall look for in the second hand market😂❤🎉 OMG 😅 how can i live w/o a weekly dose of gyan from both U guys! Thanks! ❤🎉

@amartyaanand4945 Ай бұрын

Nice shirt

@rambabuthota729 Ай бұрын

Hey Amit could you please bring in Dr. Subashis Gangopadhyay to your seen and the unseen podcast?

@Anish61097 Ай бұрын

Cool

@PannalaSrinivas-q4q Ай бұрын

Amit you Forgot Mukul asher perhaps he also desrve credit in project fie pension reform

@sanjaysajeev Ай бұрын

I guess a comment is a comment. And helps to improve engagement even if its good or bad.

@zenith808 Ай бұрын

What's withe gentle reader? Both bandying this term back and forth!

@jaspalkhurana5495 Ай бұрын

I'm midway through watching this. I don't know if you would discuss what I'm going to say. Here it is. You are worried about the economy as a result of pension payouts. What about the lakhs of crores being doled out to the corporates in the form of waivers and tax concessions? Does that not hurt the economy? Whose money is being given away? With whose permission?

@amitvarma Ай бұрын

Waivers and concessions are a reduction of coercion, not a dole-out. When you lower taxes, the money not snatched by the state goes out in the economy, creates jobs, generates wealth for society. All this is great. When you call lower taxes a dole-out, you are implicitly assuming that all wealth belongs to the state, and taxing less of it is a gift. This is a terrible way of thinking.

@jaspalkhurana5495 Ай бұрын

Very 'elitist' (journalistic?) way of saying, "you know nothing; I know all"!@@amitvarma

@jaspalkhurana5495 Ай бұрын

Reduction of coercion, but for which segment of the society? Creates jobs, but where are the jobs? Generates wealth, but whose wealth? Or is this discussion merely at a theoretical level?

@amitvarma Ай бұрын

If you consider the hundreds of millions of people brought out of poverty by the 1991 reforms, the answer is clear.

@jaspalkhurana5495 Ай бұрын

Oh My God!

@nationalist7347 Ай бұрын

😂😂 I mean I can’t blame BJP at least for this when u have communists like Rahul Gandhi asking for india to go to OPS (old pension scheme) it is fine for the govt in power to this……But my issue is this proves we are not living in democracy but BABUDOM and how much power does BABUS hold even after wreaking this country with License Raj….my only fear is Babu will slowly erode UPS and at least in the next 5 years we will get OPS and all hard earning Taxpayers (Middle class and poor ) must pay to our Oppressors Govt Babu to oppress us more😅😅

@akpmanoj Ай бұрын

Communist like Rahul Gandhi. That's a news for me. Let me vote for him next time then. Because the Communist Country like China is growing so rapidly. And in India Communist ruled Kerala tops all Niti Aayog indices. Red Salute Rahul Gandhi.

@nationalist7347 Ай бұрын

@@akpmanoj I mean sir ji….china is the least communist country in the world….china literally fired 200million govt employees in 2 years and every heard of deng jau ping who brought capitalism to China from communist China by dear Mao (whose communist policy killed 50million Chinese in great culture revolution which is the same Rahul trying to do by bringing redistribution)……India is most communist country than even China….just googling helps and Kerala is the bankrupt state and have no money to pay salaries for employees…..Kerala indicators are all built by money from Gulf not by actual industrialisation …..Kerala is the least industrial state….if u want to see the real communist state please see West Bengal ruled by communist for 35 years uninterrupted

@keyurpatel1982 Ай бұрын

@@akpmanojKerala doesn't provide jobs to its youth and doesn't have money to pay the salaries of it's own employees. Kerala is a failed state in India. No other state should be emulating Kerala in terms of economic policies

@adityasharan9568 Ай бұрын

@@nationalist7347 China is Market Socialist, althought they did liberate the forces of production, the last say is still governments. Deng called the market a bird caged inside, the Government decides the size of the cage. The economic policies enacted by BJP and Congress are more or less the Same, but the parties run at the whims of Finance Capital.

@adityasharan9568 Ай бұрын

@@keyurpatel1982 Cite your sources or you just made it up?

@zenith808 Ай бұрын

Why do you keep saying " Gentle Reader"? Gentle viewer might have been more appropriate

@ud1976 Ай бұрын

1:42:02 😂 नही पता! Doing stealth reform of the podcast!

@ArjunKumar-qn3ex Ай бұрын

Please release this in podcast form

@amitvarma Ай бұрын

It is already available as an audio podcast on all platforms.

@Openmind-on4kx Ай бұрын

Pension need to be provided only with contribution. Pension is not salary after retirement. Then pay pension to all tax payers. Any employees shall save for their pension. Fraction of population eat all tax money