Retirement Age Increased: There is a lot of news these days regarding the retirement age. The retirement age has been proposed to be raised. Due to the increasing age of senior citizens across the country, EPFO is considering raising the retirement age.
The EPFO has said that raising the retirement age will reduce the burden on the pension system significantly. This will benefit both the government and the employees. It is for this reason that the government is considering this idea.
According to the information given by the retiree
association, continuously 2047, the quantity of individuals over 60 years old in India will be in excess of 140 million, because of which the strain on the annuity asset will increment altogether. Aside from this, in different nations, it is as long as 67 years.
Giving data, that’s what an authority said in the event that the retirement age expands, it will bring about more cash kept in the annuity reserve by the workers and the representatives will get the advantage of additional advantages.
What is the retirement age now?
Allow us to let you know that the most extreme period of retirement in India is between 58 years to 65 years. A wide range of private and government representatives come in this. Aside from this, on the off chance that we discuss the European Union, the typical time of retirement there is 65 years. As of now, the retirement age in Denmark, Italy, and Greece of Europe is 67 years, while in America it is fixed at 66 years.