SOCIAL SECURITY FOR SENIOR CITIZENS

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Indian middle class is growing up with shrinking income against the rising price. Mere Consumer Price Index is not an indicator.  Travel, house rent, medicine and other electrical and electronic facilities have become essentials of life for the seniors.   Every citizen need not be spoon feeded.  Those try to live with their savings need not face a drying pot, because of government policy.  But at the same time how to convert our hard earned money as our social security is our concern.

1. Your finance ministry, instead of recovering 9 lakhs crores from the defaulters in banks, directed the banks to reduce the deposit interest for all account holders quoting western practices.   We know defaulters non-payment is corporate politics and not bankers or governments inability to redeem the same.  Sir, do you know that in west the social security part of income tax is more than tax deductions?  Is it not the fact, Social security benefits are much more in their countries , especially in Europe?  

2. Assets and Liabilities management is a concept in banking  for long term secured loans.  You can lend it for 12% with a spread of 2% and it will help the deposit to be kept under 10 years of term also with  10% interest. As a government your finance ministry can impose that A & M provision in senior deposit provision.  

3.  See the bad state of medical insurance governance.  These huge giants have appointed or deliberately directed to deal through third party administrators.  They are now acting  as an arbitrators and sheet screen between the insured and the insurers.  Our cost goes up.  The TPA is fixing arbitary clauses and charging double the premium as per the previous year cost factor. Most of the bills are subjected to bad scrutiny and horrible tiring  communications.  In bankings, in insurance, in taxes, in all social security schemes endless bureaucratic intrusions are more.  

4. We have worked to promote this nation.  We did not beg nor remained as burden to this country.  Our savings are our honest earnings. Our demands arise for social security itself show, that we lived with our slim margins.   Our slim margins are the evidences of our commitment to professional integrity and social responsibility.  

5.We do not demand great honour, but a means to live peacefully in the remaining days with our vanishing savings and standard of life.  

We request:

1. Taxes of all senior citizens shall be collected for social security benefits including providing medical insurance in cumulative benefits and not diverted for other  government spending.

2. Banks can afford to maintain 10% interest rates for senior citizens and Tax Deduction at Sources beyond the tax payable can be shifted to social security taxes.

3. Insurance companies can debar intermediaries and agencies.  Insurance for medical treatments can be better framed for senior citizens and not for hospitals to loot.  Hospitals and doctors who  are coming under the FAIR FEES AND BILLING COST LIMITS shall be allowed to reap the benefits of  insurance.  (We know the bills are hyped and insurance companies are fleeced. Regulating them is more important.)

4.The obbudsmen for all follow ups shall be often advertised along with banking, income tax or social security  tax and insurance.

KRISHNAMURTHY. V 

BANGALORE-560019

 

 

 



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