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’ ]