Employment trends indicate that during their working life, individuals will increasingly have multiple jobs interspersed with periods of self-employment and voluntary or involuntary separation from the job market. Life-long employment with the same employer is losing relevance as the nature of jobs and job security are changing. Increasing female participation in the organised workforce is crucial for increasing the growth and efficiency of the economy Therefore it is imperative to promote her long-term savings for the period where she may choose to be outside the workforce for reasons such as to bring up a family.
Life expectancy beyond working life is also on the rise. There is a rapid increase in retirees who will need to sustain their post-retirement savings over a longer period of life expectancy. The old-age dependency ratio (i.e., the ratio of population aged 65+ years per 100 population 20-64 years) has increased substantially. It will be increasingly difficult for children to look after and support parents over their extended life expectancy.