Only 46% people claim to have started investing for retirement - Moneylife

Only 46% people claim to have started investing for retirement - Moneylife



My VIEW:



The results of the survey should worry Government and working population in equal measure. Government should own up the responsibility for dismantling existing social security systems including pension schemes in the organised sector without compensating the affected workers by raising their income so that they make alternative saving arrangement to provide for post-retirement life. 
Ideally, wages, yes, from daily wages to remuneration packages of company executives, should carry a distinct component which the worker/employee should save for post-retirement life. This is more relevant in India as we do not have social security systems which are available in developed countries. Now, senior citizens and retirees are described as a burden on working population. 
About seventy years after independence, if senior citizens and retirees who have worked for 30 to 40 years are not having income or assets allowing them a dignified life, that itself is proof enough to show that the wage structure has been defective. The
position needs to be rectified across government and public/private sector establishments, at least at this late hour.

M G Warrier

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