New Delhi, May 9 -- India's pension regulator has introduced NPS Sanchay, a simplified version of the National Pension Scheme (NPS), aimed at providing pension to workers in the informal sector. This segment employs nearly 90% of the country's workforce but remains largely outside formal retirement coverage.

The Pension Fund Regulatory and Development Authority (PFRDA) has launched the scheme under the All Citizen Model and Micro Savings Framework (MSF) to make retirement savings easier for individuals with limited access to financial advisory services or those find it hard to make investment choices.

"The default design of this scheme is intended to reduce complexities associated with the selection of investment options and the determi...