new delhi stressing on finding more ways to expand investment avenues in the country epfo central commissioner k k jalan today said india has the potential to increase the size of its pension fund by 10 times to around 20 per cent of the gdp luxembourg is a small country where the pension fund size is about 160 per cent of the gdp australia probably has 4050 per cent of gdp as the size of pension fund in india also we can work it that way we can make the pension fund to roughly around 20 per cent of the gdp if we really work well we can make 20 per cent of gdp as pension fund if that happens we have a lot of money available through the investment in various sectors jalan said at a conference on pension and social security reforms here today he added that the pension fund plays an important part in the economy jalan said the pension fund market in india is of around rs 20 lakh crore and there is a need to deepen the market to invest these funds the employees provident fund organisation epfo commissioner currently manages pension fund size of around rs 9 lakh crore pension fund regulatory and development authority pfrda chairman hemant g contractor who was also present in event said that the indian pension system has a very inadequate social security set up and needs to be increased in india we have a system but inadequate we have a social security system in place in terms of which government provides income support to people in their old age of 60 years and above for below poverty line but it is only available to a very few in the country contractor said he added that the pension of rs 200 per month to people of age 60 years and above and living below the poverty line is pitiably inadequate and it needs to be increased he said that currently about 27 million people get pension through various schemes under this facility as a government support while the coverage is not small 27 million is not a small number but the quantum of assistance is really low and it really needs to be increased and for this government runs a bill of rs 11000 crore he said he said the pension coverage in india is highly skewed as there are two sectors informal and formal and most people falling under the latter category are largely uncovered contractor said the formal sector comprising government servants civil servants defence are fairly covered under pension schemes but about 8586 per cent of the workforce are in the unorganised sector and they are mostly uncovered formal sector is fairly well covered but the informal sector which is the major issue and it is the major issue because the informal sector today account for almost 8586 per cent of the workforce of the country so out of the total workforce in the