Centre likely to increase retirement age and amount of pension

The central government may soon give good news to the employees. The retirement age of employees and the amount of pension can be increased. This advice has been given to the Prime Minister by the Economic Advisory Committee. It said that the working age of the people of the country should be increased. In addition to raising the retirement age in the country, a universal pension system should also be introduced, said the Prime Minister's Economic Advisory Committee.

According to the report, the notice calls for a minimum pension of Rs 2,000 per month for employees. Also, the Economic Advisory Committee has recommended better arrangements for the safety of senior citizens in the country.

According to the report, raising the retirement age is essential if the number of working people is to be increased. To reduce the stress on the social security system, this decision can be made. The report also addresses the skills development of individuals over the age of 50.

The central and state governments should formulate a policy to develop skills, the report said. This effort should also include people from unorganized areas, remote areas, refugees and migrants, who do not have the means to receive training. These people also need to be trained.

Importantly, according to the Global Population Prospects 2019, India will have around 32 crore senior citizens by 2050. That is, about 19.5 per cent of the country’s population will go into the retirement category. As of the year 2019, about 10 per cent of India's population or 140 million people are in the senior citizen category.