Understanding the economy of ageing

Understanding the economy of ageing: Half of India’s over 1.2 billion population is 25 years or younger, with only about nine per cent over 60 years. Over the next three decades this is expected to balloon to 20 per cent or 340 million


"With increased life expectancy and the breakdown of the joint family system, those involved with the project say that ageing will pose unique challenges. “We need to be able to design policies to mainstream the elderly, to reduce their vulnerabilities and enhance access to various services,” says Anita Agnihotri, Secretary, Social Justice and Empowerment Ministry, which is among the key government agencies involved."

There is a related ‘financial’
issue. Though the survey may not cover it, as those who read this article may
be ‘opinion makers’ on the subject, just flagging it here. In India, some of
the government retirement plans including defined benefit pension scheme and
GPF are not funded. This 'Pay as You Go’ approach imposes a heavy financial
liability on future generations. Retirement benefits, as a social security
need, should be part of current ‘Cost to Company’ and should be factored in, in
the current remuneration packages of employees and funded by employers,
including government.

M G Warrier


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