While jobs are scarce and few, the Economic Survey for 2018-19 tabled in the parliament by finance minister Nirmala Sitharaman, is indicating the possibility of increasing retirement age to 70 years. This is on the back of an increase in life expectancy of India's population and the fact that population growth will continue to decline over the next two decades.
But has the Survey taken into account the physical and mental state of the working population, considering the current stress levels and burnout rates that is only making life difficult and dependent on medicines so to speak. People are battling ailments that were earlier unheard of in the early stages of life. This coupled with lack of growth (professional and financial) options after a particular level is only making things worse.
That's not all, corporations these days look to primarily hire young blood owing to the fast-paced growth they want to achieve while keeping costs to the bare minimum and profits to the maximum. It's not easy to find a job even for those fresh out of college or for that matter candidate with over five years of work experience.
The employable age itself has shrunk to 40 years or maximum 45 if one gets lucky. Besides, the rate at which hiring and firing happens, the retirement age in one's appointment letter is a mere formality.
As for those with a non-retiring spirit, it never stopped them from working and there are enough examples from all walks of life.
So, if implemented, who will really benefit from this move?