The Economic Advisory Council to the Prime Minister has suggested that the working age limit of the people in the country should be increased. The IFC has recommended payment of a pension of Rs 1,500 to Rs 2,500 per month for elderly people in India.
A study conducted by the Institute for Competitiveness (IFC) on behalf of the Prime Minister’s Economic Advisory Council (EAC-PM) has suggested the government to raise the retirement age and introduce a Universal Pension Income programme. The IFC has recommended payment of a pension of Rs 1,500 to Rs 2,500 per month for elderly people in India.
Recommendation of payment of pension of Rs 1,500 – 2,500 per month
This study was commissioned by the Economic Advisory Council to assess the quality of life of the elderly population in India on parameters such as financial well-being, social welfare, health and income security. According to the Economic Times, the IFC has recommended payment of a pension of Rs 1,500 to Rs 2,500 per month for elderly people in India. The recommendations made by the IFC include pension payments at least 50 per cent more than the minimum wage in the country.
Amounts under old schemes’ need to be increased at the earliest’ The report said due to the impact of the Kovid-19 pandemic, the amount under existing old schemes like Indira Gandhi National Old Age Pension Scheme and Indira Gandhi National Widow Pension Scheme ‘at the earliest’ needs to be increased.’ At present, a pension of 300 to 500 rupees is available under these schemes. It was further suggested that the government should strengthen the Atal Pension Yojana and bring informal sector workers under its ambit.
By 2050, the number of old people in the country will be 319 million
It is to be known that in the year 2011, the number of old people above 60 years of age in the country was 103 million. This was about 8.6 percent of the total population. The elderly population is increasing by 3% per year. It is estimated that by 2050, the number of elderly people in the country will be 319 million (19.5% of the total). The suggestion to raise the retirement age is to align it with the increasing life expectancy.
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