MyBit successfully completes large social security experiment in rural India

MyBit successfully completes a large social security experiment in rural India
Redding, CA, July 16, 2019 – MyBit LLC, a mission-driven organization working in the area of rural livelihoods and sustainable development, today announced that it has successfully piloted a large social security experiment in 200 villages of Karnataka, India with support from Development Innovation Ventures (DIV), USAID’s open innovation program. The technology-enabled program, which was conducted over a period of three years, designed, implemented and evaluated innovative solutions based on insights from cutting-edge behavioral research to increase enrollment and savings in Government of India’s old-age pension product (APY).
S.N.Rout, Founding Director at MyBit LLC said, “India is home to one of the largest unorganized workforces in the world most of whom are poorly paid, have irregular incomes with virtually no retirement income to fall back on in their old age. When we conducted the baseline survey for this project two years ago, there was limited awareness about APY in our study villages. However in the last six months we have been witnessing increasing interest and enrolment activity on the ground driven by the effective use of digital engagement tools.”
MyBit implemented the pilot project in partnership with Crosslinks Foundation, a registered charitable trust in Bangalore, and ISEC (Institute for Social and Economic Change), a reputed social science institute under Government of Karnataka. The project was implemented as a randomized controlled trial (RCT) that compares the treatment effects observed in 150 study villages with enrollment trends in a control set of 50 villages. Crosslinks Foundation is also replicating this project in 200 villages of Odisha state and has plans to scale the initiative to other districts and states in the country.
Santosh, Chairman and Trustee at Crosslinks Foundation said, “In the absence of adequate income protection elderly workers in India often suffer from destitution and are forced to continue work in spite of poor health and disabilities. Our APY study shows that modern-day digital innovations such as online crowdfunding, social messaging/networking applications and mobile money can be leveraged to motivate the poor to enroll in pension savings products and help them achieve their personal financial goals. The project outcomes will be translated into practical recommendations and shared with senior decision makers to inform future policy reforms in this area.”

MyBit LLC
1267 Willis St STE 200
Redding, CA 96001
S.N.Rout, snrout@mybitlabs.com

About MyBit LLC
MyBit’s mission is to harness modern web, mobile and sensor technologies to secure, enrich and transform the lives of millions of low-income families and small farmer households around the globe
Website: www.gomybit.org

This release was published on openPR.