Good news for government employees as retirement age, pension may increase

Central government employees could soon hear news that will come as music to their ears. The government is mulling increasing the retirement age and the pension amount. The proposal has been put forward by the Prime Minister’s Economic Advisory Committee, as per a Zee News Hindi report. The proposal reportedly talks about increasing the age of retirement and initiating a Universal Pension System in the country.

As per the committee’s report, a recommendation is made under which the employees must be given a minimum pension of Rs 2,000 per month. The committee has sought better provisions for senior citizens. Pensioners could benefit from this plan.

It has been stated in the report that to increase the time span of employment, the age of retirement will need to be extended. This may be done to ease the stress on the social security system. The report also talks about skill development for those above 50 years of age.

The report also suggests that the central and the state government should create policies that encourage skill development and talent. These efforts should also include those working in the unorganized sector, in remote areas, people from refugee, migrant communities without adequate resources to get formalised training. This would ensure no department struggles with a shortage of skilled people.

As per World Population Prospectus 2019, India will be home to nearly 32 crore senior citizens by the year 2050. This would mean that 19.5% of the population will be retired. In comparison, around 14 crore or roughly 10% of the population was in this category in 2019.