In its comprehensive report, NITI Aayog has highlighted the need to cultivate a robust environment for senior care services. The key strategies proposed include implementing a reverse mortgage mechanism aimed at enhancing financial liquidity for seniors. Further recommendations encompass mandatory savings plans, and tax and GST reforms on senior care products.
The total corpus of various schemes under the National Pension System (NPS) and Atal Pension Yojana has increased to Rs 10.9 lakh crore, a 27.9 per cent surge YoY as of December 31, 2023.
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The government offers a number of pension plans to encourage financial security after retirement. Some of the guaranteed pension plans offer advantages such as tax deductions on contributions and even loans.