With a growing elder population should the retirement age be made 62 years..
When it comes about 'senior citizen' term, the first thought comes in mind is of some person in his/her 60's or crossed age 60. Many times in park or in any other public place, we can see anyone helping an old person sometimes by holding their heavy shopping bags or sometime holding their hand to cross road. Have a look at such elderly population and think once is it right decision to put 2 more years work pressure on them? By extending retirement age.
In India by the time person cross 18 he/she is assume to be youth and can start earning legally, by the age of 22 most of people start working. As estimated two years back in 2012, 31% of total population depends on service/job as a primary income source and this percentage is increasing day by day. Increasing rate of population in job or service, increases number of pensioners which ultimately become burden to government coffer and the situation may come where number of pensioners may increase than actual tax payers. The problem is serious but to interact with this increasing retirement age is good solution? Or is this the only solution?
As per today's situation 90% students complete their degree and to get suitable job, try to get settle down with it and by default choose service as a lifetime income source then being responsible person in order to support family, raising children, giving them proper education, food and other civil society facilities one has to keep working nonstop throughout his/her life till the age of retirement, means almost 35-40yrs. Now just doing similar kind of work for 35-40 years naturally person become physically and mentally tired, this reduces enthusiasm to work more, sometimes lack of new ideas and willingness to except new challenges, In most of the cases people around 50-55 keep working till retirement just to get some more pay checks that they may lose by applying for voluntary retirement but after a long period of service and increasing financial demands such cases are quite possible. One has to keep working in all good and bad situations in order to run his family well. This is bitter but acceptable truth that one has to keep working on priority most of the time ignoring health which then leads to increase in early medical issues and don't allow person to work more.
Considering of all above true situations which may results in bad management, wrong decisions, less working power and finally decrease overall productivity cost and quality, Now what is expected our senior citizens to do with low physical and mental power by increasing 2yrs of retirement?
In spite of that if we respectfully allow them to retire in time and be thankful for their nonstop 40yrs of service and allow new generation with new physical power , fresh mind with willingness to do something new, except new challenges, new hope and full of enthusiasm.
We cannot exactly replace this elderly retiring generation with new one but for sure indirectly we are creating jobs for new members and allow some experienced person to do management job in right age.
In this way definitely we can think of increasing productivity cost and quality and inviting new ideas of new generations.
possibility of not increasing retirement age limit may increase number of pensioners more and can create stress on retirement funds but again question raise that how many of retired persons live long to enjoy pensions for many years. So this not a concrete reason to increase retirement age, also we can think of rising retirement age and getting elders to work only after unemployment rate for youth becomes zero and every capable person starts earning as per their education and ability
As a middle solution retired person should be given choice to work after retirement in such departments where less physical labor is needed.
Pallavi.Prashant.Deshmukh
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