Aging is a natural phenomenon and every person has a right to enjoy the beautiful moments associated with age. The progressing age is a symbol of maturity, stability and experience. But this is not same with age of retirement. Not every person has right to retire with dignity. As a person retires, he / she have to depend on their children or others for their living. They have to compromise on self dignity with which they have carried on life till then. This
situation arises when they have not properly planned for their retirement when they were earning. Generally planning for retirement is last priority for people especially for unorganized sector as age of retirement is not mandatorily fixed and other needs like saving for children’s education and marriage, for property and ill health and even saving for celebration takes
priority over saving for retirement. According to NCEUS ( National commission for Enterprises in the Unorganised Sectors), the term “Unorganised Sector consists of all unincorporated private enterprises owned by individuals or households engaged in the sale or production of goods and services operated on a proprietary or partnership basis and with less than ten total workers”. The unorganised sector refers to “those enterprises whose activities or collection of data is not regulated under any legal provision or do not maintain any regular accounts. For instance, the units not registered under the Factories Act, 1948 form the unorganised composition of the manufacturing sector” (Arjun Sengupta, 2007). NCEUS defined informal employment as follows: “Unorganized workers consist of those working in the unorganized sector or households, excluding regular workers with social
security benefits, and the workers in the formal sector without any employment and social security benefits provided by the employers” (GoI, 2007).