Life expectancy has certainly increased significantly in India and there is every reason for it to rise further because of better medical facilities, awareness of the people about health and availability of better and healthy food. The present estimate is that it has risen by 3 to 4 years, but it is definitely going to be more than the estimated age. Therefore, the change in the work style has become imperative. A person can work longer if dramatic changes in career structure are brought about. There is a need to move away from the three-stage model of education, work and retirement to multistage life where careers are more fluid combining different stages of working from money to charitable efforts, caring for family etc.
The moot point is the period of pension will be automatically increased if the life expectancy increases and how will the organisation be able to bear the burden which will fall upon it by the increased life expectancy? In such circumstances, there are some countries which are thinking of increasing the retirement age of the employees but that is not as...
