Retirement Age: The Economic Advisory Committee has also recommended better arrangements for the security of senior citizens in the country.
Some big news can come out soon regarding the pension and retirement age of the employees. Actually, the Modi government is considering this matter, it is believed that soon a big decision can be taken on this. Indeed the Prime Minister’s Economic Advisory Council recommended raising the retirement age, saying that life expectancy is expected to continue to increase due to better health infrastructure and older people are expected to work longer hours than any previous generation. gets permission.
According to a report released, the council said that there is a need to increase the retirement age in a phased manner as India is a young nation with a high working population. The report released by the council’s chairman Vivek Debroy said that raising the retirement age leads to job creation for older persons and necessitates the availability of jobs for the existing workforce. The committee’s report also suggested that senior citizens should be given a minimum pension of Rs 2000 per month. The Economic Advisory Committee has also recommended better arrangements for the security of senior citizens in the country.
The report also highlighted the delay in retirement age to increase the working age population. It has been said that this cannot reduce the pressure on the social security system and is difficult for the country to achieve. An increase in the retirement age will not be supported by social action and a range of other measures and will not be enough to bridge the pension gap and ensure an active age of an older person.
The report recommends upskilling and reskilling opportunities for people in their 50s and 60s. Both the central and state governments should formulate policies that support re-skilling efforts. These efforts should not exclude older workers in the informal economy, those living in remote rural areas, members of ethnic minorities, refugees and migrants, who often have poor access to training.
According to data released by Help Age International, a global network of organizations working with and for older people, 10% of India’s total population (about 139 million people) were over 60 as of 2019. The proportion of elderly is expected to double. Up to 19.5% by 2050 when 1 in 5 people are likely to be senior citizens. Kerala has the highest proportion of older people (12.5%), followed by Goa (11.20%) and Tamil Nadu (10.4%). The high proportion of elderly in southern India is a result of low fertility rates and fewer children. The fertility rate in Kerala and Tamil Nadu is 1.7, which is below the replacement level.
