Chennai, May 7:
With vision for stronger Tamil Nadu, Chief Minister Edapadi Palaniswami has increased the retirement age from present 58 to 59.
This will be a big boon to all government employees and teachers in government and government aided schools , colleges and state owned PSUs..
This increasing of retirement age limit ensures adequate supply of labour, raising the potential levels of gross domestic product (GDP) imediately and that adds to sate’s long term financial projections.
A one year extension of working lifeis sure to add to the productivity of the present work force and in a five years this will translate to big growth story for sure.
This is also a good way to justify the pension paid to government employees are put to fruitful use also.
It maybe recalled that earlier in the demographic projections given in the 2018-19 Economic Survey which had pointed out said that Tamil Nadu will be among the states in India to transition into an ageing society by 2030 and it appears that Tamil Nadu will reach there faster than other states in the country.
On seeing these observations Chief Minister Edapadi Palaniswami has come forward to ensure a more matured and experienced work force available despite financial implications that increasing retirement age limit brings with it.
The healthy life expectancy at the age of sixty in India, stands now at 12.5 years for males and 13.3 years for females.
Countries like USA. Germany and France have increased the retirement age in view of the ageing population. Japan is considering raising the retirement age by 70 while Germany, USA, UK and Australia are considering raising it to 67 years. China hopes to raise it to 65 years.
An UN report says that “Virtually all countries are expected to see substantial growth in the number of older persons between 2015 and 2030, and that growth will be faster in the developing regions than in the developed regions.’ The report also says the immediate cause of population ageing is fertility decline. However, improved longevity contributes as well, first by eliminating the demographic necessity of high fertility, and second by increasing the number of survivors to older ages.
With such larger macro economic advantages that increasing the retirement age brings, the present AIADMK government headed by Chief Minister Edappadi Palaniswami has come out with a striking effort to.