Should the retirement age be increased to 65 years?

Should the retirement age be increased to 65 years?

Recently the parliament standing committee recommended that the age of retirement be increased to 65 years from the current 60 years. This initiated a new debate whether this step would be profitable or not.

Although it is seen in the light of 2014 general elections but still its pros and cons must be weighed. Let’s have a look over the feasibility of this decision:-

1. Yes the age should be raised because it acts as an important social security measure in the society.

2. Longer serving employees will certainly lessen the burden of new employments in the offices.

3. Early retirement will put an additional burden on the retirement funds and trouble the economy of our nation.

4. Retirement should not be defined by an specific age as it is a matter of capability. If someone is able enough to work even after passing 60 years of age he must be allowed to work.

5. Increasing age of retirement is a productive step for the economy and will yield better results in terms of efficiency.

6. This step will reduce the burden of jobless old people many of whom are entirely dependent on government subsidies and schemes for their survival.

7. The number of people in the retirement bracket of 60 years if increasing and the life span has increased too. If the retirement age is not increased, the number of dependent people will keep increasing which will further increase the burden on the economy.

1. Raising retirement age will impose longer serving employees on the departments irrespective of their capabilities creating lack of motivation for younger employees.

2. Age should not be raised because many elder people need the help of government schemes as soon as they qualify for them.

3. Our nation has a lot of youth population and increasing the retirement age would exploit their talent and productive contribution to the economy.

4. There a lot of jobs which are done manually and it would be exploitive to ask old people to do such stuff.

5. Salary of employees who will retire late will increase the burden on the budget.

6. There is a balance and fixed tenure till which one Is required to work and with such steps the balance tends to lose.

7. The opportunities for young and productive generation would decrease as the old generation would not make a way for them.

The age of retirement can be increased and that is not disputable but one age limit can’t be imposed on all sorts of jobs. Work that involves mental labour can cover the above age criterion but for manual jobs the age needs to be different.

Also, the economic pros and cons of this step should be measured before it is implicated.
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  • RE: Should the retirement age be increased to 65 years? -SunnyLim (09/04/19)
  • The retirement age should be increased to 65. Younger generation should be patient. Do not be power crazy and.rebellious. How many opposing the retirement of 65 has has responsibility to finance their parent. Those who have parent in their 70's might not want to burden their children but they have no choice. Think wisely as younger generation will reach the 60's one fine day.
  • RE: Should the retirement age be increased to 65 years? -skd (06/26/14)
  • Retirement age in central government service should surely be increased , because there is no retirement age barrier in private organisations . After retirement @60 many central government employees usually join in private companies where they earn good package on account of having gained expertise from their past government jobs for which government has spent on their training, course, study etc. As such, the new organisations get benefit of these skills in less/nil expenses. Why should not these
    retired people continue after 60 in central government service? Due to improved medical
    services and advanced drugs life expectancy has accelerated in present scenario.This will also generate source instant funds for the government to spend on various incomplete important projects in the interest of common people which are held up due to non availability of funds. All should think seriously on this issue.
  • RE: Should the retirement age be increased to 65 years? -ateen kumar (06/26/14)
  • Increasing retirement age from 60 to 62 years shall give in positive results. Many essential /new infra projects have been planned in our country but due to no availability of budgetary support /allocation, the projects either delayed , discarded or not worked out . Increasing retirement age shall instantly generate huge amount of funds in government treasury for current time and so on regularly due to holding on payment of retirement benefits. In addition, this will automatically contribute to continuous availability of the matured skill , source funds for launching of essential /new projects , earning of more revenue from taxes ,lesser expenses on pension as well as generation of employment through new projects etc. These are the needs of the time for our nation to come in parity with other countries of the world who have adopted /implemented the policy of enhancing the retirement age much earlier and now are more advanced .Further, it has been observed that life expectancy, however increased continuously over past few decades due to better and improved medical facilities and more health cautiousness among elderly people. Also, it has been seen that people use to re-join jobs in private organisation after being retired from government sector. They now , get pay packet and enjoy pension as well with retirement benefits ( PF, GRATUITY, LEAVE ENCASHMENT,PENSION SURRENDER … ) . Government /people should think over the issue whether there is gain or loss for the nation .
  • RE: Should the retirement age be increased to 65 years? -Rishika Jalan (04/27/14)
  • I don’t think that there is any need to increase the retirement age to 65. It should stick to 60 and should not be scaled up. People work their entire lives to build a bright and protected future and after the age of 60 they need time for themselves and for their families. They work hard to earn their social security and definitely deserve this at their old age. The age of 60 is such an age where people start getting old and it starts showing on their health. They start becoming weak and lose their stamina and capacity to work hard as they could earlier. Moreover, if the retirement age is increased then people will be forced to work for extra five years to earn their pension amounts. They will have less time to spend with their families and indulge in activities which they always wanted to. An increase in this age will also demotivate young and bright talents to come forward. Older and more experienced people will be demanded by the organizations. Thus retirement age should not be increased to 65.