Few nations present a dramatic difference in a world where retirement for many promises ease and relaxation. Unfortunately, India is one of those countries where millions of seniors have to deal with the harsh reality of poverty. It’s the underlying factors that differ from person to person, not social policies or lack of pension earning opportunities.
However, the difficulty in finding a formal job serves as a unifying factor among them. The truth is that a large part of the population in India works non-stop for their entire life for miserable earnings and the Cruel Market, Politics, Religion and Caste supremacy feed themselves to grow.
Scarcity of Formal Employment
In India, the lack of formal employment is a serious issue, and where it does exist, finding employment can be difficult. Locals often find that their choices are few and constrained because they do not have the luxury of choosing where they will work. Along with establishing social equality, there are very few opportunities for preference in India as there is fierce competition for lucrative jobs.
As a result, the average monthly income of an Indian is rarely sufficient to meet basic needs. The never-ending cycle of quitting one job and quickly finding another makes it extremely difficult to save money.
The Flawed Pension System
In India, the pension system requires people to start paying into a pension fund as soon as they start working. Some lucky people are able to build up a sizeable reserve by the time they retire.
Luck in India is not always on the side of all Indians, and sometimes these funds fail to meet their obligations, leaving people with nothing. Most Indians are without personal savings as they never had the means to start saving money.
Desperate Lives of Indian Pensioners
As a result, a bleak future awaits a large section of Indian senior citizens. Many elderly are forced to go hungry and homeless. While some pensioners receive assistance from social funds and charitable organizations, this is not enough to cover all their needs, with pensions for unorganized groups being too low. Most are forced to support themselves financially or rely on their children.
Families think from children that they will grow up and earn enough. Girls are married more than their own status, so after one age the pension becomes negligible. However, in one of the world’s poorest countries, younger generations sometimes lack the resources to care for their aging parents.
Traditional families see it as a disgrace to leave them to fend for themselves or put them in care facilities. While it is common for elders to express respect, actions often fall short of these words, especially when it comes to older women. Even at a young age, it is difficult for women to find jobs due to the pervasive patriarchal norms in India.
Plight of Elderly Women
Now what should those women do who are not in any skilled employment. The society in India does not provide a positive environment for women to study and acquire skills. After this many women who do not have any earner in their life or do not have enough savings are forced to sell their body.
Millions of women are forced to endure unfair working conditions or participate in exploitative practices in order to make a living. Thus, the idea of saving for pension becomes an unattainable goal. Some seek safety in widow-friendly cities where they can find housing and food. However, many people are left hungry and homeless, wandering the streets.
Resignation and Limited Prospects
Pensioners in India have started considering it as their destiny in life, while the younger generation is aware of the limited opportunities in the country. As a result, people work hard to get a good degree to get a job in the government or explore opportunities abroad in an effort to make a better life for themselves.
Private sector also has a hand in this, who make fun of government pension to increase their profit, because if the market and capitalist people do not make fun of pension in India, then people will start demanding rights from their share of profit.
what are the main problem in Indian pension system ?
- Low coverage: The representation of the Indian pension system is low, with many people, especially those working in the unorganized sector, not having access to formal pension schemes. As a result, many people are now left without any Social Security support during retirement.
- Inadequate pension amount: The pension payments made by the Indian system are often insufficient to meet the essential needs of the pensioners. Retirement income is generally fixed, making it difficult for retirees to keep up with growing and healthcare expenses.
- Inequitable Distribution: Pension benefits are often distributed in an unfair and discriminatory manner. There can be disparities in the pensions received by different groups, such as government employees, leaving some retirees in a vulnerable position.
- Lack of portability: For those who change occupation or move to states, it can be challenging to transfer their accumulated pension benefits under India’s current pension system. As a result, pension records are scattered, and money loss is possible.
- Delay in payments: Delay in pension disbursement is a common problem, putting retirees dependent on these payments for their daily living expenses under financial stress. These delays are a result of bureaucratic procedures involved in the administration of the pension.
- Corruption and inefficiency: The pension system is riddled with corruption and inefficiencies. The hardships experienced by pensioners get worse when pension funds are not disbursed to the intended beneficiaries due to poor management, fraudulent activity and systemic loopholes.
- Limited outreach and awareness: Many eligible people, especially those living in rural and marginal areas, are unaware of the pension schemes offered or how to access them. Eligible people are unable to access the provisions of the pension system due to lack of outreach and education.
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The condition of Indian pensioners is still a heart-wrenching reality. Due to lack of formal employment, inadequate pension schemes and social issues, many older people are penniless and struggling for survival. While there are many challenges ahead, efforts must be made to address these systemic problems so that all pensioners can have a dignified and secure future.
About the Author
Manish love to write and he is a Civil Servant. Users can follow Manish on Instagram
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