Provident Fund Organization (EPFO) says that the retirement age can be considered according to the experience of other countries. This will help in strengthening the pension system. At present, more than 6 crore people are associated with EPFO. EPFO has also added a total of 18.36 lakh new members in the month of June 2022.
According to the information, EPFO ​​has said in its Vision 2047 document that it can be considered to increase the retirement age in the country. At present, the retirement age in India is 58 to 65 years. The retirement age in private companies is 58 years. At the same time, the government has fixed the retirement age at 65 years in many departments.
Retirement age in India is less than the countries of America and Europe. The retirement age in the European Union is 65 years. At the same time, it is 67 years in Italy, Denmark and Greece. The retirement age of employees in the US is 66 years.
Elderly population will become 14 crores
According to the report, by the year 2047, India will become a country with a large population of elderly people. At that time the number of people above 60 years of age will increase to 14 crores. Because of this, the pressure on pension funds will increase.
For this reason, EPFO ​​has asked to consider increasing the retirement age. If the retirement age increases, more money will be deposited in EPFO ​​and other funds in the long term. This will reduce the pressure on the pension system and will also help in reducing the effect of inflation.
Over 6 Crore Subscribers
EPFO has over 6 crore subscribers and manages pension and provident funds of over Rs 12 lakh crore. According to the news, EPFO ​​will include Pension Fund Regulatory and Development Authority (PFRDA) in its plan. PFRDA operates the National Pension Scheme of the Central Government.
According to the 2021 report of the National Statistical Office (NSO), the population of the elderly aged 60 and above in the country was 138 million (13.80 million) in 2021. In 2031, this figure can reach 194 million (194 million).
