Raising It Further Can Have Multiple Implications
India’s government also seems to be joining the rest of the world when it comes to retirement age. Even with a high birth rate, India is gradually moving towards an ageing population. Given the medical advances and knowledge in healthy living, more Indians are still fit to work even after fifty years old. The ideal milestones are fifteen years of learning and followed by a good thirty plus years of working. This model stems from the notion that beyond 55, an individual seems too old to be in the workforce. While for some with health conditions may agree, for others, they are competent to continue working. Thus, it has become a concern to raise or not to raise the India retirement age.
The Mark of Retirement
India retirement age is now at 60 years old. Upon their 60th birthday, most people assume they may become redundant and too old to continue working. By far, the age of 60 is the new 40. Generally, working individuals have better cognitive ability than those who do not. Thus, for senior employees, actively working makes them more useful than not. But not all industries allow retirement at 60. For example, universities and doctors can only retire at 65 or 70 years old. The retirement age difference for these two sectors is to ensure the young ones can reap as much knowledge as possible. Although the changing education system may disrupt traditional learning, knowledge and experience is still key to further success. Hence, the mark of retirement in India looks to be health-related.
When an individual retires, the government will be providing for them through pension pay-outs. Current unpredictable and volatile markets make it even harder for the government to ensure there is enough for everyone. Thus, a longer working tenure is highly beneficial to the economy. Besides benefitting the overall economy, these senior employees are occupied with useful activities. With reliable earnings, there will be more spending power. Socially, people are happier or at least can save up longer. Thus, raising the India retirement age has more benefits to the economy, government and individual.
The proposal to raise the India retirement age has yet to receive positive support from general public and employee associations. Both ends of the workforce are not entirely happy, though they may agree with the economic benefits. The youth feels that as senior employees continue working, they will lose out on employment opportunities. The senior employees believe they deserve the freedom from work after a specific period. There are many ways to enter the workforce. The youth could begin with part-time jobs even while studying. If they need to feel useful after retirement, the seniors can also take up consultancy as their next career. That way, they can organise their working hours instead of sticking to 9 to 5 work hours. Retirement is one way to take a break from work, but it could also be an opportunity to try new things.