* Consultant Small Industrial Development Bank of India (SIDBI), Lucknow. Ph.D Research Scholar Department of Economics, Ravenshaw University, Odisha. While a significant percentage of the informal sector population understands the need for Micro Pension in Odisha, a host of financial and socio-economic challenges hinder enrolment of the people for the programme. In order to increase the outreach of MP in the state, a viable eco-system needs to be created taking into account the low level of awareness among the informal workers. The eco-system should also have a regulatory framework. Key Words: Micro Pension, Informal Sector Workers, Annuity, Variable Return Micro Pension Programme: Need and Assessment of its Working in Odisha - Jeeban Jyoti Mohanty* Abstract The main purpose of this paper is to understand the need for a Micro Pension (MP) product for clients of MFIs in India in general and Odisha in particular. This paper also tries to analyse the need for MP in India and the major challenges in implementing such a programme in the state. Microfinance clients in Odisha are mostly engaged in informal sector and thus become especially vulnerable to old age-related poverty. Microfinance’s clients are generally women, who are even more vulnerable to old age-related poverty than men. In order to secure the steady old age income for the poor, MP plays a crucial role. This paper is based on first-hand experience after the roll out of, ‘NABARD Rural Micro Pension Programme’ in Odisha. Using data of 300 MP’s clients in Odisha, the study found that the ideal MP scheme needs to be flexible, provide adequate return, liquidity and portability to succeed. The study recom- mends that an effective and efficient institutional architecture coupled with intensive and sustained field-level efforts are re- quired to (a) educate and encourage MFIs’ clients in Odisha to set aside a part of their current incomes for their old age, and (b) establish a secure, scalable and sustainable mechanism to enable them to accumulate micro-savings for their retirement through the MFI-led MP model. Introduction India is experiencing a demographic transition leading to lower total fertility rate, increased life expectancy and a con- sequent increase in the proportion of the old age population is