Chidambaram asks Govt to come up with new retirement plans

Former finance minister P. Chidambaram on Thursday made out a strong case for “one or two long-term instruments with reasonable returns in which people can save to look after their post-retirement requirements”. However, “the interest rates on the rest of instruments would have to converge,” he said during an interactive session at the fifth global conference of actuaries here.

Chidambaram said while government servants were provided for through pensions, those in private service and self-employment had no means of income after their working lives were over except through their savings and provident funds. He also called for incentivising household savings, which will spur total savings of the country.