Does the old-age pension scheme improve household welfare? Evidence from India

Unnikrishnan, Vidhya; Imai, Katsushi S.

doi:10.1016/j.worlddev.2020.105017

Cited by 40 publications

(27 citation statements)

References 38 publications

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“…Further, the pension receipt is found to be associated with increased household expenditure, indicating that most of the income from pension received is used for either improving the health or educational outcomes of other family members [ 64 ]. A recent study also observed that though the households spent most of the old-age pension income on improving overall family welfare, it reduced the work participation of older adults substantially [ 65 ]. In line with this, older adults in our study who received pension reported poor mental health outcomes.…”

Section: Discussionmentioning

confidence: 99%

Association of self-perceived income status with psychological distress and subjective well-being: a cross-sectional study among older adults in India

2021

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Background As the older population aged 65 and over worldwide, is estimated to increase from 9% in 2019 to 16% in 2050, rapid aging will transform the aspects such as economic security, employment status, and family structure. The effects of lower levels of perceived income and poor socioeconomic status on the mental health of older adults appear to be large and enduring. Therefore, the present study contributes to the literature on understanding the association of socioeconomic conditions and self-perceived income status in particular, with self-assessed mental health outcomes (psychological distress and subjective well-being) among older adults in India. Methods Data for the present study was derived from the Building Knowledge Base on Population Ageing (BKPAI) in India. Bivariate and binary logistic regression analyses were conducted to understand the relationship between socioeconomic status and outcome variables. Results About 43% of older adults had no income whereas 7% had income but perceived as not sufficient to fulfil their basic needs. Nearly, 9% of older adults were retired from regular employment. Almost 70% older adults had received no pension and nearly 18% of older adults had no asset ownership. It is revealed that older adults with income that is partially sufficient to fulfil their basic needs were 2.23 times [OR: 2.23, CI: 1.75–2.84] and 1.96 times [OR: 1.96, CI: 1.55–2.47] significantly more likely to suffer from psychological distress and low subjective well-being than those who had income which was sufficient to fulfil their basic needs. Conclusions By focusing on four target areas such as the income support, education, family oriented initiatives and local or regional policies, the current framework for assessing the mental health among older adults in India can be modified. A move towards a guaranteed pension for eligible older individuals by which they do not have to remain as a financial burden on their children, may reduce their self-perceived economic distress and result in higher levels of wellbeing in older ages. Also, strategies to address socioeconomic disadvantages and gender differentials related to mental health status among older population are urgently needed.

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Section: Discussionmentioning

confidence: 99%

Association of self-perceived income status with psychological distress and subjective well-being: a cross-sectional study among older adults in India

2021

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“…There is evidence on the effect of old-age pension receipt on elderly employment (Kaushal 2014) and household labour supply (Unnikrishnan and Imai 2020). Kaushal (2014) finds a small negative effect of the programme on elderly employment, and the effect on household labour supply is also negative (Unnikrishnan and Imai 2020). Neither of these studies documents the unintended labour supply effect of old-age pension receipt on primeage women's labour supply, which is the contribution of this paper The effect on women's labour market participation of having a pensioner in the household can be positive or negative.…”

Section: Conceptual Framework and Literature Reviewmentioning

confidence: 68%

Old-Age Pensions and Female Labour Supply in India

Unnikrishnan

Kunal

2021

SSRN Journal

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“…Population ageing and pension reforms significantly affect household well-being indicators such as consumer spending, income, assets, and poverty (Unnikrishnan & Imai, 2020). Another authors (Obben & Waayer, 2011) aim to redefine the relationship between social security and the household.…”

Section: Literature Reviewmentioning

confidence: 99%

Changing Role of Pension Funds and Insurance Companies as Sources of Household Well-Being in the Long Term: The Example of the Countries of the Former Soviet Union

Brylev

Mitrofanova

Khoteeva

2021

International Scientific Conference „Contemporary Issues in Business, Management and Economics Engineering"

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Purpose – the main objective of this study is to assess the impact of investments in pension and insurance schemes on household well-being, based on an analysis of data from the countries of the former Soviet Union in the long term. Research methodology – using empirical analysis, the assets and liabilities of households are examined, divided into the main financial market instruments in the selected countries. Findings – the calculations confirmed the relationship between total household assets and assets held in life insurance reserves and pension schemes. Research limitations – the choice of the countries is determined by the similarity of the economies and the political and social systems. Also, the choice of countries is due to the lack of data, so the number of countries studied was reduced to 6. Practical implications – the results of this study will be useful for national governments and major institutional investors. Originality/Value – although similar studies were conducted on the basis of data from OECD countries, a comparable cross-country analysis was not conducted on the data of the countries of the former Soviet Union. Further, on the basis of the obtained data, it is planned to conduct a correlation and regression analysis to identify the statistical relationship.

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Does the old-age pension scheme improve household welfare? Evidence from India

Cited by 40 publications

References 38 publications

Association of self-perceived income status with psychological distress and subjective well-being: a cross-sectional study among older adults in India

Association of self-perceived income status with psychological distress and subjective well-being: a cross-sectional study among older adults in India

Old-Age Pensions and Female Labour Supply in India

Changing Role of Pension Funds and Insurance Companies as Sources of Household Well-Being in the Long Term: The Example of the Countries of the Former Soviet Union

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