22.36         ndian    onom
     investment history. This is also called as owner’s
                                                               nominAl vAlue
     equity, shareholders’ equity, or net assets.
           In case of an individual, net wroth is the value The value of anything calculated at the current
     of a person’s assets, including cash, minus all        prices. It does not include the effect of inflation
     liabilities – the amount by which the individual’s     during the periods and gives misleading idea of
     assets exceed their liabilities is considered the net  value.
     worth of that person.
                                                               non-workers
         new pension scheme                                 The Census of India defines non-workers as the
     Pension reforms in India have evolved primarily in     persons who did not ‘work at all’ during the
     response to the need of reform in the Government       reference period. They constitute—
     pension system. This had been designed to                   (i) Students who did not participate in
     make a shift from defined-benefit to defined-                   anyeconomic activity paid or unpaid,
     contribution by putting a cap on Government’s              (ii) Household duties who were attending
     liability towards civil servants’ pension. As a result          to daily household chores like cooking,
     of implementation of the New Pension System                     cleaning utensils, looking after children,
     (NPS), all employees of the Central Government                  fetching water, etc. and are not even
     and Central autonomous bodies, with the                         helping in the unpaid work in the family
     exception of the armed forces, are now covered                  farm or cultivation or milching,
     by this defined-contribution scheme with effect           (iii) Dependants such as infants or very elderly
     from January 1, 2004. Subsequently, all states and              people not included as worker,
     UTs State have notified and joined the NPS for            (iv) Pensioners drawing pension post-
     their employees. The NPS to was opened to all                   retirement, not engaged in any economic
     citizens of India on May 1, 2009, on voluntary                  activity.
     basis - the challenge is to spread the message of the
                                                                (v) Beggars, vagrants, prostitutes and persons
     NPS and old age income security to people in the
                                                                     having unidentified source of income and
     unorganized sector across the country.
                                                                     with unspecified sources of subsistence
           The pension fund managers manage three                    and not engaged in any economically
     separate schemes, consisting of three asset classes,            productive work.
     namely (i) equity, (ii) Government securities, and
                                                               (vi) Others, which includes all Non-workers
     (iii) credit risk-bearing fixed income instruments,
                                                                     who may not come under the above
     with the investment in equity subject to a cap of
                                                                     categories such as rentiers, persons living
     50 per cent.
                                                                     on remittances, agricultural or non-
                                                                     agricultural royalty, convicts in jails or
         ninJA                                                       inmates of penal, mental or charitable
     A mortgage business terminology became common                   institutions doing no paid or unpaid work
     word after the US subprime crisis of mid-2007                   and persons who are seeking/available for
     which is an acronym for the borrowers with no                   work.
     income, no job or assets.                                       [Also see entry ‘Worker’ ]