The old age is an inevitable biological process and retirement from service too is a fact of life which one has to accept - however unpleasant and sad the thought might be. In India there is an elderly population of 75 million - a figure which is likely to grow to 160 million by 2020. In terms of elderly people India is the home of one - eighths of the global elderly population. Old age marks the entry into one of the most vulnerable zones - be it physiological or economic. It used to be a different ball game in the olden times. Our value system had a special place for the old and the aged. The joint family system provided adequate security and dignity in old age.

Old Age and the New Realities

With globalization and migration, the joint family system is threatened with extinction. Similarly rapid development in the medical field has significantly contributed to lengthening span of life expectancy. In this scenario, the duty of the government to provide a social security and safety net to the people in old age, assumes particular significance.

Old Age and Pension Benefits

In our country it has been estimated that nearly 90% of our workforce is not covered by any of the mandatory pension schemes and they depend on other financial savings, investment in gold or family support. There is another problem for the government to provide pension which is becoming one of the main heads of government expenditure and. one of the factors contributing to fiscal deficit.

Old Age and New Pension Scheme

The government has formulated the New Pension Scheme ( NPS ) which is a social security scheme aimed at removing the anomalies existing in the current pension sector in India. This scheme is hoped to address the issues like reducing the chasm between the pension benefits of the public and private sectors and linking health-care with retirement benefits thus taking care o the social aspect of pensions.