Most of the salaried employees utilize their savings and Provident Fund loans for education and marriage of their children. These employees avail themselves of housing loans also, the balance of which is deducted from their terminal benefits which results in small savings for them. It has been observed that senior citizens, because of their old age, become dependants on their sons and relatives. In the organized sector, there is a provision for pension also.
However, there are some sectors where there is no provision for pension. According to data available, pension provision is available to less than a tenth of the population. At the same time, the pension amount is so meager that it is hardly sufficient to meet their medical treatment and contribution to the education and marriage of their grandchildren. In such a situation, they are treated as burden by their sons and relatives. With the breakdown of the joint family system and the social support system of the past, the real damage of senior citizens slipping into near destitution cannot be ruled out. According to the available data, 90% senior citizens come from an unorganized sector where there is no financial or social security. The senior citizens, in the absence of regular income, are not able to play their social obligations effectively. |
