Retirement age increase: Period of retirement being very important stage in the life of an employee, every employee begins his career, thinking of the age at which he would retire. Any surprise change in retirement age may drastically change the lives of the employees and their future plans. At present, there were rumors that the government was changing the retirement age for central employees. This had prompted a parliamentary question regarding their retirement, to which the government has given a clear answer.
Parliament Questions
The Government of India was faced with the question on the floor of Parliament-will there be a ceiling on the age of those remaining in government service? In layman’s language-are they reducing retirement age for government servants? In addition, it was also enquired whether the employees’ retirement will solely depend on the work done by them, and whether they will retire after having worked thirty years. This question was pertinent too because in today’s growing unemployment situation, it had become a matter of serious concern.
Unemployment Of Our Youth vs. Retirement of Some Employees
Unemployment is a big challenge in India, and the government is struggling to generate job opportunities for the youth born after 2000. Some believe that by reducing the retirement age of employees, the government would generate jobs and absorb the youth in employment. In this regard, Tejasvi Surya, an MP from the BJP, asked in Parliament whether the government was contemplating job opportunities after 30 years or maximum till the age of 60, whichever shall be earlier? His core question was, is there any consideration given to offer more job opportunities to the youth?
Clear Answer Of The Government
In its response to Parliament, the Union government has made it abundantly clear that there is no change in retirement age for employees. It has stated that no proposals are in the pipe on this subject for consideration. The government has further clarified that the reduction in retirement age shall not be in consideration for providing employment to the youth. This announcement brings forth some respite for those employees who were troubled by this rumor.
Government Endeavors For Employment
The government has pushed for other moves instead of lowering the retirement age in the provision of employment to the youth. There were talks on providing job opportunities to youth via employment fairs. The government feels that such fairs can provide youth with employment according to the qualifications that they have, thus to a certain extent solving the unemployment problem of the country. Such measures could provide ample opportunities for all youth without changing employees’ retirement age.
In The Minds of Employees, Anxiety Was Created Unnecessarily.
Many employees were worried that if suddenly their retirement age was reduced, it could affect their financial planning. Several people save for their post-retirement lives, and any abrupt change of age could leave these plans incomplete. Apart from these, many employees also plan for their children’s education or marriage, both of which could seriously be affected by sudden retirement. All these anxieties have been cleared with the government’s clarification.
Impact on Employees’ Future Plans
The alterations in the retirement age will directly affect plans of employees in the future. A lowering of the retirement age would entail changes in the financial plans of the employees, who would require saving more in a shorter time and managing their expenditure. In addition, they will make new plans for post-retirement life. With the government’s clarification, there is no need for any employee to have to change their plans, and the employee can go ahead as per his plan in the current career.
It has been made quite clear in Parliament by the clarification of the government that the retirement age of all central employees is not going to change. Employees who were concerned about this have now found some rays of hope. The government said it is putting up some more initiatives to create new job opportunities for the younger generation such as job fairs. The reports go on to imply that it also has to care of interests to the existing employees. Employees need not now worry about the retirement age and continue making their career and post-retirement life plans as they were originally intended.
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