Thursday, May 30, 2024
HomePersonal FinanceEmployees Retirement Update: Big News! Employees’ retirement age can be increased by...

Employees Retirement Update: Big News! Employees’ retirement age can be increased by 5 years, They will get benefits, know the report

Retirement Age – If you are an employee then this news is for you. In fact, according to a latest update, it is being said that there will be an increase of 5 years in the retirement age of the employees.

There is a proposal to increase the retirement age from 62 to 64 years in France. The government is going to do this but the employees are opposing it. Against this move of the government, on Thursday i.e. January 19, all the major employees organizations of France are going to protest. These pension reforms are being opposed in the whole country.

French President Emmanuel Macron’s government has argued that it wants to save the pension system by raising the age limit. Under the new plan, the government wants to do this work from 2030. Then it will increase the current retirement age from 62 to 64.

By the way, many countries are going to do this kind of work and some have already done it. Right now the age of retirement at the highest age is in America, where this age is 66 years. But he can also extend this age by one more year. In fact, this exercise is going on all over the world regarding pension only.

In France, the idea is to increase the minimum period of job to get full pension. This is happening only so that France can reduce its budget deficit. In the coming years, a large number of people are going to retire in France. This number may increase further around 2030. But as much dissatisfaction has spread there on this step of the government, it will definitely become a headache for the Macron government.

Employees’ organizations believe that the government’s

The move will increase the burden on the middle class. They will have to work for more years to get full pension. Till then he will continue to pay heavy taxes from his salary. These days inflation is increasing tremendously in France.

In fact, giving pension in the changing economies around the world is not only difficult for every government, but they are either trying to end it or change it in such a way that it does not put too much burden on them. To avoid this, the way governments are increasing the retirement age all over Europe. She is surprised.

What did Britain and Ireland do?

Britain and Ireland have increased the future retirement age to 68, which is very high, not only this, these governments have also indicated that they can increase this age further, which means that the future Don’t be surprised if the retirement age reaches 70 years in other countries.

In other European countries, which have proposed to increase the retirement age the most, there are countries like Denmark, Estonia and Italy. Denmark wants to increase it from 65.5 to 74, Estonia from 63.8 to 71 and Italy from 67 to 71.

The aging population is also increasing in Germany-

According to a report published in Germany’s official website in August last year, an explosive situation is being created in Germany due to aging population, decreasing number of workers and reduction in pension fund. Can this be resolved by raising the retirement age to 70 years?

In Germany, in the first quarter of the year 2022, the number of vacant posts has increased to 1.74 lakh in an unprecedented manner. This is the first time since the unification of Germany 30 years ago that such a large number of government job posts are vacant.

Along with this, the youth population in Germany is also at a record low. According to the Federal Statistics Office, only 10 percent of Germany’s total population is between the ages of 15 and 24 in July. In contrast, the number of people above 65 years of age is more than 20 percent. The birth rate of children in the country is much less than the change in age. One of this means that there is a lot of pressure on the pension fund as well. One solution to this is to increase the retirement age to 70 years. At present, Germany is slowly increasing the retirement age of those people from 65 years to 67 years.

Increased pressure on pension fund

However, in most of the developed countries, people start working at the age of 18 to 21 and continue till the age of 60-65. But after people retire, the pressure on the pension fund is increasing and it is becoming difficult for the governments to provide it.

Life expectancy increased and birth rate decreased

Life expectancy of people has increased. A World Bank report says that in the last 30 years, the age of people in Britain has increased from 75 to 82 years. But due to this, the problem of the governments is increasing that the number of retired people has started increasing as compared to the working workers. Along with this, the birth rate is also decreasing in most of the European countries.

Western countries need 2.1 children per woman, while 35 countries, including Japan, Germany and Spain, have a birthrate or children per woman of 1.5 or less.

Another report says that in the last 50 years life expectancy has increased by 40 per cent while the fertility rate has come down by 50 per cent.

Situation in India-

Generally the retirement age of people in India is 58-60 years. There is no proposal to increase it. However, such a demand was made to the government in the past that it should increase the retirement age of the people by two years. The old pension scheme in India was discontinued on 1 April 2004. It was replaced by the National Pension Scheme. A national movement is being run across the country for the restoration of the old pension scheme.

The old pension scheme was abolished in December 2003 by the late Atal Bihari Vajpayee government. In the old pension scheme, the employee used to get 50 percent of the last salary as pension. The government used to pay this entire amount. On this, the allowances also used to increase from time to time.

Retirement age in India was increased from 58 to 60 in the year 1998.

The retirement age of a Supreme Court judge in India is 65 years, while it is 62 years for teachers in universities. In the 60s, the retirement age in India was reduced to 58 years, but then in May 1998, the government increased the retirement age of central employees from 58 to 60. The retirement age in the private sector is also 58-60 years.

In Nepal, people retire at the age of 65 and in other Asian countries at 60.

The retirement age in Israel is 67 years, whereas in Asian countries the retirement age is generally 60 years. Azerbaijan, 65 years in Hong Kong. 60-60 years in China, Malaysia, South Korea and Uzbekistan. The retirement age is the same in Sri Lanka and Pakistan. It is 59 years in Bangladesh and 65 years in Nepal. Even in Asian countries, now people remain active at least 10 years ahead of this age of retirement and are generally fit too. They also feel the need of money more financially after retirement.

Parvesh Maurya
Parvesh Maurya
Parvesh Maurya, has 5 years of experience in writing Finance Content, Entertainment news, Cricket and more. He has done BA in English. He loves to Play Sports and read books in free time. In case of any complain or feedback, please contact me @
- Advertisment -

Most Popular

Recent Comments