India’s Pension Landscape

• India's old-age income security rests on a multi-pillar framework: contributory (NPS, APY, UPS, EPS-95), voluntary, and non-contributory social pensions (IGNOAPS).
• Regulated principally by the Pension Fund Regulatory and Development Authority (PFRDA) under the PFRDA Act, 2013; combined NPS+APY AUM has crossed ₹16 lakh crore by FY26.
• Relevant for GS-II (welfare schemes, vulnerable sections) and GS-III (mobilisation of resources, fiscal sustainability).