The ratio between the number of people in the active working age to the number of people not involved in active working has declined these days. With the increase in number of lock-outs, VRS schemes and layoffs, many active working people are sent home with some attractive packages, thus the size of active workforce has declined. On the other hand, due to increase in longevity, the population of the elderly keeps increasing.
For
those who retire (either by superannuation or VRS),
two main issues concern them. First is the absence
of a regular income which makes it difficult to continue
with the earlier standards of living. Many people
who enjoy good standards of life and quality living
during their active working period, are not provided
with any pension schemes upon their retirement. Though
they are paid some attractive package benefits at
the time of their retirement or voluntary retirement,
the current interest rates which are market-driven,
are not promising much returns. The returns of any
investment made using the retirement package or VRS
package is nowhere near the income drawn during their
active working period. The situation of the people
who took VRS is pathetic. Many of them are in the
age group of 45-55 with childen in the age group of
15-25. Given the current unemployment scenario, many
of these children have still a long way to go. Many
of the retirees have failed in their attempts of owning
a viable business due to lack of experience in the
business and stiff competition.
Second
is the support for healthcare, which poses a bigger
threat than the first one mentioned above. Though
the quality of medical care has improved a lot, the
cost of treatment has increased manifold. During the
active working period, they are covered under Employees
State Insurance Corporation Act which takes care of
their healthcare needs. Basically, Employees' State
Insurance (ESI) Scheme of India is an integrated social
security scheme in the organized sector tailored to
provide social protection to workers and their dependants
in contingencies, such as, sickness, maternity or
death and disablement due to an employment injury
or occupational disease. The scheme tailored to suit
health insurance requirements of workers provides
complete medical facilities to insured persons and
their dependants as well as cash benefits to compensate
for loss of wages or earning capacity in different
contingencies. But this scheme was extended only to
the people earning less than Rs. 6,500 per month.
Hence, most of the workers lost their eligibility
to utilize ESI scheme even during their active working
period. Some of the employers provided Group Health
Insurance Scheme (Mediclaim) for a minimum coverage.
During the active working period, the workers remain
unfazed about the healthcare related issues, like
whether it is covered by ESI Scheme or Group Health
Insurance Scheme, and whether the benefits are enough
or not.
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