Safeguard , Senior Citizens retirement returns
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Since the last one year, Banks have slashed FD rates, from 9% to 6.5% on Fixed Deposits, that provide regular income to retirees. This is a reduction of over 25% in a retirees Income. Govt servants who retire, have pensions, which are inflation proof. The Finance Ministry must increase the limits of investments in Senior citizens savings scheme, and provide tax breaks on FD incomer. With increasing medical costs,retires have no safeguard against day to day medical expenses , doctors fees, and cost of medicines.Senior Citizens have literally “come of age” and must be looked at as a special group, who have special needs and focus. Government should develop a holistic policy, on the same lines as that of the Child and Women Development focus. A comprehensive plan for medical and healthcare facilities, planned retirement communities, strengthening their financial support systems, so they can lead independent lives, would go a long way in creating a social security net, for their advancing years. Ever increasing costs in an inflationary environment, and constantly reducing incomes, are a serious set back to the community of Senior Citizens, who will be about 150 million in a few years. Government of India, should use all the instruments under its command, including tax breaks, and providing other supports in this regard.
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