OLD AGE PENSION IN INDIA AND IN OTHER COUNTRIES


The  elderly population, aged 60 and above in India as of 2021 is  138 million. This is likely to reach 194 million by 2031 with an increase. Those who have retired from central and state governments services are receiving handsome pension. But that is only a small percentage. Under Indira Gandhi National Old Age Pension Scheme of the Government of India, BPL persons above 60 years are eligible for Rs 600/- upto Rs 1,000/- per month depending upon state share of the pension. 14 states are giving pension Rs 500/- or less as old age pension and Delhi, Goa, Kerala and Andaman and Nicobar Islands are giving upto Rs 2,000/-

We will now find the standard of pension in some selected countries.

Australia is paying minimum pension of $383 (Rs 28,577/-) to single and $577 (Rs 43,055/-) for couples per week.

Denmark, Netherlands and Iceland are the top countries in pension system with Grade A and Index Score 80.

Australia, Israel and Norway, Gr B+ and Index 75-80

Canada, Chile, Finland, Germany, Ireland, New Zealand, Singapore, Switzerland, UK and Sweden. Gr B and Index 65-75

Belgium, France, Hong Kong, Uruguay and US. Gr C+ and Index 60-75.

Austria, Brazil, China, Columbia, Indonesia, Italy, Malaysia, Peru, Poland, Saudi Arabia, South Africa, Spain, Taiwan. Gr. C and Index 50-60.

India, Argentina, Japan, Mexico, South Korea, Philippines, Thailand, Gr. D, Index 35-60.

(Indebted to the web report of The Times of India dated 20 October 21 for the data)

K V George



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