Rise in retirement age for most of India’s working population from 60 years at present seems inevitable due to increase in life expectancy, according to the Economic Survey. India’s population is expected to grow under 0.5 per cent during 2031-41 due to decline in fertility rate and increase in life expectancy, according to the survey. Given that life expectancy for both males and females in India is likely to continue rising, increasing the retirement age for both men and women going forward could be considered in line with the experience of other countries, it added. Due to ageing population and increasing pressure on pension funding, many countries have begun raising the pensionable retirement age. “This will need investments in healthcare as well as a plan for increasing the retirement age in a phased manner,” it added.

Source: Hindustan Times July 04, 2019 10:30 UTC