Centre may soon increase employees’ retirement age | Fusion - WeRIndia

Centre may soon increase employees’ retirement age

Centre may soon increase employees’ retirement age

Good news to government employees as the central government is planning to increase the retirement age of employees and their pension amount. As per some media sources, such a proposal has been kept before the Prime Minister’s Economic Advisory Committee. It says that the government is mulling to initiate a Universal Pension System.

The committee recommended providing social security to senior citizens. It suggested providing a minimum pension of ₹2,000 per month to senior citizens. The main aim of this social security plan is to provide benefits to pensioners from this scheme.

The report says that increasing the retirement age is essential to increase the time of employment. It helps relieve stress in employees about their future life after their retirement as well eases the burden on the social security system of the country.

The report also emphasizes the need for skill development of employees above 50 years. It recommends both the central and state governments to create policies for improving the skill development and talent of employees. They should design more such programmes to encourage employees toward improving skill development.

These skill development programmes should also be conducted in remote and rural areas, unorganized sectors, migrant communities, areas where people do not have sufficient resources to get training to improve their skills and talents.

Nowadays, many people are preferring to work after their 60s to keep themselves healthy physically as well as financially. If the government provides an opportunity by increasing their retirement age and also their pension, most of them will be happy.

As per some studies, India will have more than 32 crores of senior citizens by 2050. That means around 20% of the population will have retired people. It is almost twice the percentage of the population in 2019, which is 10%.

Image by wir_sind_klein from Pixabay (Free for commercial use)

Image Reference: https://pixabay.com/photos/pension-miniature-figures-pensioners-4008600/

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