Why Indian Senior Citizen Need More Care - Think of Senior Citizen Fund

Being second largest population of world, India 35% population is moving towards senior citizen. The young generation citizens are running round the clock to compete and survive in a very competitive Indian economy. Being a capitalist market place, Indian society lacks social security and is facing very high inflation. Inflation at ground level is actually higher than the return one gets through fixed deposit or insurance cover.

Indian citizens needs to cover themselves with health insurance post their retirement and conditions to avail the health insurance for senior citizens are very stringent.

Most of the senior citizens working for public or private sector rely on either pension or provident fund they accumulate during their professional life. Unfortunately, the amount senior citizens gets post their retirement are near to zero given the expense of leading the same life style.

Indian government came out with many plans for senior citizens but the process of availing the same is very cumbersome.

The sudden fall in living standards is impacting senior citizens mentally and fight to survive with their available resources.

Many citizens are ignored by their kids which adds to the wounds.Government to kids should be more sensitive towards citizens and parents respectively. In my point of view, government should start senior citizen fund wherein every non senior citizen should contribute minimum 60 INR per month. It will help government to collect around $ 6Bn every year. As India is covered under Aadhar card and every citizen’s bank account is attached with the Aadhar card. In that scenario, government can execute direct bank transfer on monthly basis to mitigate any corruption in between.

I also would like to point out that senior citizens should not be liable to pay any service tax which will reduce their daily expense.

If we all want Senior Citizens to live healthy and respectable life then it is of utmost importance that Indian government should start thinking of Senior Citizen Fund.

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About Devendra Prasad

20 years plus industry veteran of domestic and international ICT domain with the expertise in Business, Technology, Strategy and Analysis. Specializes in forecasting impact analysis, trends and recommendations for Investments, Technology and Regulations.