Establishing a new private pensions market This digital micro-pension program could also be extended to the 4 million RMG workers. In 2016, pinBox worked with BRAC to design a self-funded digital micro-pension and insurance solution for 10 million BRAC clients. Bangladesh Digital micro-pensions for self-employed women We are also working with India’s top financial institutions to deliver an integrated pension, micro-SIP and insurance solution to India’s 400 million informal sector workers without pension benefits. Jointly with WhatsApp, we have created a simple and familiar UI-UX using which the 500 million WhatsApp users in India can now digitally activate their NPS accounts. In 2021, pinBox deployed its pensionTech platform for India. pinBox-WhatsApp digital micro-pension platform deployed Pension coverage jumped by between 500 to 1000% in the pilot districts. This model was field-tested in 4 districts across 3 States. In 2017-18, The World Bank and pinBox helped PFRDA (India’s pension regulator), the Indian Finance Ministry, Government of Andhra Pradesh and the State Bank of India to develop and field-tested a digital micro-pension model. In 2010, pinBox promoters helped the Ministry of Overseas Indian Affairs to design and launch an integrated pension, insurance and saving scheme for ~5 million Indians working in GCC countries. Micro-pensions for overseas migrant workers Over 6 million rural self-employed women across the State voluntarily joined this scheme within the first year. In 2009, pinBox promoters worked with the World Bank to help the Government of Andhra Pradesh and SERP develop a micro-pension scheme for women SHG members. Micro-pensions for women self-help group members It resulted in over 4.5 million voluntary micro-pension accounts within 4 years. ![]() In 2010, this model was adopted by the federal government and nearly a dozen Indian States. In 2008, pinBox promoters worked with the Rajasthan State Government to design and implement India's first informal sector micro-pension scheme based on government co-contributions. First micro-pension scheme with fiscal incentives Over the years, it grew to over 2.5 million voluntary subscribers, 80 percent of whom were women, across 100 districts of 14 Indian Sates. ![]() This began as a small pilot with SEWA Bank and UTI AMC at Ahmedabad. In 2006, pinBox promoters pioneered the concept of ‘micro-pensions’ in India. By 2022, NPS has achieved around 15m subscribers and an AUM of over USD100 billion. The NPS was introduced as a mandatory program for new civil servants in 2004 and expanded, on a voluntary basis, to India’s 400m informal workers in 2010. Kindly submit your email ID to receive free, unlimited access to the pinBox Pension Inclusion Toolkit.India India’s National Pension System (NPS)īetween 19, pinBox promoters worked closely with the Indian Ministry of Finance, World Bank and the ADB to help design and launch the NPS. We will appreciate your inputs and feedback to make the Toolkit even more relevant and useful. pinBox believes that this Toolkit shall assist users in taking more informed pension inclusion policy, regulatory, administrative and business decisions and thereby help them achieve more meaningful outcomes, especially for individual program subscribers. ![]() Importantly, the Toolkit assists users in deriving corpus and pension values for subscribers in both nominal and real terms, ascertaining both annual and cumulative values over time for AUM, fees and charges and fiscal costs, and in clearly comprehending the interlinkages between various assumptions. ![]() The Toolkit simulates outcomes based on a number of default, though easily editable, assumptions including target population size, coverage expansion over time, subscriber age, monthly contribution values, investment returns, inflation, currency, contribution and pension indexation values, intermediary fees and charges (for fund management, administration and payment transactions), value/nature and tenure of fiscal incentives, insurance premium costs, etc. The pinBox Pension Inclusion Toolkit aims to assist governments, regulators, pension administrators, plan sponsors, intermediaries and beneficiaries in objectively simulating a range of outcomes based on their own independent views on underlying assumptions and variables.
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