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EPFO IS TRYING INCREASE THE RETIREMENT AGE

The Employees' Provident Fund Organisation (EPFO) is trying to increase the retirement age in India.

All the documents in this regard have been shared withe the states government and discussions will soon start with other stakeholders including the employers and the employees as well.

In 2047, India will have 140 million people over the age of 60 , so putting pressure on pension funds.

India's elderly population (aged 60 and above) is projected to touch 194 million in 2031 from 138 million in 2021, a 41% increase over a decade lifted by a higher population and rise in life expectancy for both males and females according to the National Statistical Office (NSO)'s Elderly in India 2021 Report. EPFO also said Consequently, the number of people requiring old age income and health security will go up exponentially.

The Organisation for Economic Cooperation and Development in the 2012 edition of its 'Pension Outlook' said governments will need to raise retirement ages gradually to address increasing life expectancy in order to ensure that their national pension systems are both affordable and adequate.


Disagreements and different opinions have started coming. Our retirees deserve to retire at 60 and we have a young population which needs those jobs. India is a young nation with surplus employable youth. Most people in India workd in the private sector. If the government introduces this rule, it should be implemented in the government and private sector also.


 

 

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