Old People Income

No proposal to increase time limit to switch from NPS to OPS: Centre

There is no proposal to increase the time limit for central government employees to switch from the National Pension System (NPS) to old pension scheme, the Lok Sabha was informed on Wednesday. The NPS was introduced for central government employees in 2003. NPS is mandatory for all new recruits in the central government service from January 1, 2004 (except the armed forces), Union Minister of State for Personnel Jitendra Singh said in a written response to a question. In pursuance of court judgements, the Department of Pension and Pensioners' Welfare had issued instructions on March 3, 2023, giving a one-time option to the central government civil employee for inclusion under Central Civil Services (Pension) Rules, 1972 (now 2021) who have been appointed against a post or vacancy which was advertised or notified for recruitment/appointment prior to notification for NPS on December 22, 2003, he said. The extant procedures state that it is for the appointing authority of the post in

Fresh NPS adoption by companies rises 9% in December, shows NSO data

The corporate component of the scheme is voluntary in nature and includes people working in public sector organisations, private limited companies or public sector banks, among others

Senior living has huge growth prospects as elderly share to double by 2050

Senior living market offers a huge potential for investment and development with share of the elderly in the country's total population estimated to double at 20 per cent by 2050, according to JLL India. The country's population is estimated to reach 1.7 billion (170 crore) by 2050 from the current 1.4 billion (140 crore), real estate consultant JLL India said in its report released on Wednesday. "With current population of over 0.1 billion (10 crore) seniors in India, there is a significant untapped opportunity for investment and development in the senior living sector." "In contrast to some of the developed economies, India is still in the early stages and therein lies the opportunity," the report, titled 'The rise of senior living market in India', stated. The need for senior living is driven by increase in nuclear families, greater mobility due to career/ employment opportunities and increased requirement of senior care services, it said. "Elderly/senior population share in ..

5 effective ways of earning money online for senior citizens, details below

Earning after retirement has become a lot easier nowadays as there are plenty of ways to earn money. Here are the 5 effective ways of earning money online for senior citizens

Income dynamics changing as elderly emerge as prominent consumer group

In a good news, the elderly population of India is emerging as a prominent consumer group in the country, thanks to their improved financial status, a new study has noted. According to 'Changing Patterns of Income & Expenditure of Older People in India: An Assessment', a national study by Agewell Foundation, the elderly are increasingly disposing of considerable purchasing power and using accumulated savings in old age. The study noted that while one-fifth of the elderly population took up jobs or other gainful engagements as their main source of income, 60.4 per cent said their primary source of income was their monthly pension. "19.4 per cent claimed that their main source of income is money earned in form of rental from their land/house properties, interest on investments," the study said. Other sources contributing to their incomes include land properties (65.5 per cent), house property (74.5 per cent), or some kind of investments/savings (41.42 per cent). "50 per cent have .