Awareness And Willingness Towards Micro Pension Schemes - A Special Reference To Employees Of Selected Micro &Small Manufacturing Units

Abstract

This study delves into the awareness and willingness of employees working in micro and small manufacturing units to engage with micro pension schemes. As financial security in retirement becomes increasingly crucial, particularly for low-income workers, understanding the level of knowledge and the factors influencing the adoption of micro pension schemes among these employees is vital. The research employs a comprehensive survey methodology to gather data on employees' awareness, perceived benefits, and potential barriers to participation in these schemes. By analyzing the responses, the study aims to identify the key determinants that influence employees' decisions to enroll in micro pension plans. The findings reveal significant gaps in awareness and highlight the necessity for targeted educational campaigns and customized pension products that cater specifically to the needs of this workforce segment. Enhancing participation in micro pension schemes among employees of micro and small manufacturing units can significantly contribute to their financial inclusion and long-term economic security, thereby promoting broader economic stability and social welfare. This study underscores the imperative for policymakers and financial institutions to collaborate in developing and implementing strategies that encourage greater uptake of micro pension schemes in this critical sector of the economy.