As per the National Commission for Enterprises in the Unorganized Sector (NCEUS), 93% of the ~500 million workforce in India is employed in the informal sector. However, as per the Confederation of Indian Industries (CII), only 12% of this workforce is currently covered by a formal pension or social security scheme compared to 85% in OECD countries.Worse still, by the year 2030, it is expected that close to 200 million of the Indian population will be in the 60+ age bracket.
MyBit leverages the power of the web and mobile technologies to mobilize larger participation of the informal sector in the pension savings system through a micro-reward model. MyBit is an initiative of CrossLinks Foundation, a new non-profit set up with a goal to fashion social change by employing innovative technology and policy toolsets. CrossLinks aims to help communities develop sustainable, inclusive and scalable means of development in urban, peri-urban and rural contexts.
Salt Lake City, USA