The Retirement Savings Crisis - Moneylife

The Retirement Savings Crisis - Moneylife

My VIEW:

Let us rephrase it as
post-job problems, as our understanding of retirement is age-related and ‘retirement’
presumes job security. Even the present RBI Governor once mentioned that these
days people do not think of remaining in the same job for more than 10 years.
It would be an interesting study, if one factors in the social security issues
that worry Americans into the thought process of Indian workers.
India has during the last
decade destroyed a pension system which was admittedly available only to a
small percentage of the Indian work force. The substitute, namely National
Pension System is yet to put its act together. The previous central government
had talked about an annual matching contribution of Rs1000(Rupees one thousand
only) to those who join NPS, as an incentive. It is beyond comprehension as to
what benefit a family will get by a fund created out of annual deposit
ofRs2000/-


Post-job worries are about
shelter, healthcare and a source of income which will not dry up. It is
comforting that the debate on social security is being kept live by Moneylife.
M G Warrier 

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