All central government service holders who joined on or after 01/1/2004 are included in the new pension scheme, details of which are yet to be specified. Pension as a phenomenon of social security as such is dead. You work in the present , you earn in the present and your money is also invested in the present to earn your pension in the future. Superannuation or retirement makes no differnce. what matters is that you will be without a job and also without a specifically guaranteed monthly compensation that retirees now get as pension. India has effectively shed a major objective from its soicialistic pursuit. Major foreign Fund management companies like fidelity, BnP Paribas, etc. are waiting to pounce on the thousand of crores of money accumulated in the pension scheme till now and channel it into the stock market. Though SBI, UTI and Life Insurance Corporation of Indian are likely to get the majority share. But the secured releif one had of knowing that one would get a certain fixed montthly payment as pension is no longer existent. As no one knows at what rate the pension fund invested in the stock market will give return. Old age is no longer going to be a serene one, like it is supposed to be.
In the technical language of Indian civil service, there is no such thing as retirement. The correct term is superannuation. Superannuation literally means dismissal or discarding as too old for use, work etc., just as a medieval lord got rid of his old servants, or, more appropriately in the Indian context, his old horses. The Indian civil servant is slightly less unfortunate than an old horse, because he or she is not sent to the knackers. There are also some exceptions to the concept of superannuation. Superannuated judges are sometimes given "commissions". Bureaucrats found "too old and unfit to work" are given special assignments, a few "scientists" in the same category are made Scientists of Eminence, Professors Emeritus, and so on.
RE:Retirement versus Superannuation
by ananth on Jan 09, 2008 02:19 PM Permalink
U are right indeed. It is commonly seen in India that many retired persons take up some job or consultancy. Persons from the armed forces retire at a young age (except those with higher ranks) and it is they who are left in the lurch.
Indian society believes in four stages of human life(1) Brahmcharya- means the age in which one is devoted to studies to earn livelihood and for better settlement of next stage.(2) The second stage is 'Grahastha- means to marry and produce children .Look after the young one's till they complete their education and see them settled in family life.(3)The third stage is known 'Vanprasth' that is to be prepaed to stay away from the wordly pleasures.Minimise one's need of the body but not to leave house but be ready to leave it.(4) the last stage is 'sanyas' it does not mean to leave the house and go to forest but to remain there where one has been but with a difference.Not to own the world but to think the world was before him and will remain after him.It is the creation of one to whom we may call nature, Ram, Allah Or God by any name.True 'vanprasth' or 'sanyas' are that forwhich one has prepared well.It is the culminitaion of human life.Enriched by the experience ,wealth,knowledge as a tree which now gives fruits.It is the best time of human life.It should not be pitiable but respectablenot only in words but in real.It should not be dependent but to have branches and give shadows and coolness to whosoever comes under it like a banyan tree.
RE:The Indianness and retirement.
by vinamra singhai on Jan 09, 2008 02:46 PM Permalink
scientifically human life is divided into more that 16 stages...
RE:The Indianness and retirement.
by Chola The Greatest in the Universe on Jan 09, 2008 02:21 PM Permalink
With increased economic interdependencies and decreased social and family values, the burden on the retired people are too much to handle. They are cut-away from the mainstream in the name of age and utility values. We can see that in our workplace, at home and at every damn place. The more younger you are the more opportunities you get. People start alleviate the moment they see grey-heir in you! The family thinks you are a burden and maintenance become economically unviable without return yet they need your precious investments in the form of land, jewels, savings etc%u2026
As some old King used to say, kill all those who have crossed 65 years, the place will be left without worries!
Aged ones with lots of money will not be able to do anything in this world as money would lose its value and even if you have few crores in your bank account people will still ignore you because your entire savings will be their annual salary at some point!!!
It might be prudent to mention here the sample class considered for the survey. Also one should note that why this kind of article is posted at a time when earning people are trying to buy ULIPs etc to do "tax planning". I daresay the situation is like releasing a survey to Indians that majority of Indians are malnourished right before a food festival. The intention may be to confuse or entice the target audience for the food festival who may already may have maladies related to eating may overeat or buy junk/less value for money food stuff if they take these surveys seriously. Similiarly such a study by Aviva right before the "tax planning" season
Dont write articals to misguide Indians. Indian society still take care of their retired parents, their retirement plan is still their childrens, and whatever you say Indians are most satisfied. its not bad. No other country has this kind of culture whatever you say, we respect our elders and as a majority Hindu, Muslim, Christian or Sikh we take care of our elders in oldage. Kyn bhai log am I right
RE:Whatever
by vinamra singhai on Jan 09, 2008 02:50 PM Permalink
not true..most of bif families fight with their elderly parents for money and property whereas nuclear families don't have time to look after their parents....in rural areas youngers are moving to cities for jobs...and in case of landless labourers..their parents are becoming beggars....
elderly in india lives in one of the most pathetic situation..compared to other countries...in india-subcontinent
As the dream of most parents I had acquired a degree in Software Engineering and joined a company based in USA ,
the land of braves and opportunity.
When I arrived in USA , it was as if a dream had come true .
Here at last I was in the place where I want to be. I decided I would be staying in this country for about Five years in which time I would have earned enough money to settle down in India .
My father was a government employee and after his retirement, the only asset he could acquire was a decent one bedroom flat.
I wanted to do some thing more than him. I started feeling homesick and lonely as the time passed. I used to call home and speak to my parents every week using cheap international phone cards. Two years passed, two years of Burgers at McDonald's and pizzas and discos and 2 years watching the foreign exchange rate getting happy whenever the Rupee value went down.
Finally I decided to get married. Told my parents that I have only 10 days of holidays and everything must be done within these 10 days. I got my ticket booked in the cheapest flight. Was jubilant and was actually enjoying hopping for gifts for all my friends back home. If I miss anyone then there will be talks. After reaching home I spent home one week going through all the photographs of girls and as the time was getting shorter I was forced to select one candidate.
RE:NRI - Retirement story - Good one to read
by GN on Jan 09, 2008 12:19 PM Permalink
In-laws told me, to my surprise, that I would have to get married in 2-3 days, as I will not get anymore holidays. After the marriage, it was time to return to USA , after giving some money to my parents and telling the neighbors to look after them, we returned to USA .
My wife enjoyed this country for about two months and then she started feeling lonely. The frequency of calling India increased to twice in a week sometimes 3 times a week. Our savings started diminishing. After two more years we started to have kids.
Two lovely kids, a boy and a girl, were gifted to us by the almighty. Every time I spoke to my parents, they asked me to come to India so that they can see their grand-children.
Every year I decide to go to India .. But part work part monetary conditions prevented it. Years went by and visiting India was a distant dream. Then suddenly one day I got a message that my parents were seriously sick. I tried but I couldn't get any holidays and thus could not go to India .. The next message I got was my parents had passed away and as there was no one to do the last rights the society members had done whatever they could. I was depressed. My parents had passed away without seeing their grand children.
RE:RE:NRI - Retirement story - Good one to read
by GN on Jan 09, 2008 12:20 PM Permalink
After couple more years passed away, much to my children's dislike and my wife's joy we returned to India to settle down. I started to look for a suitable property, but to my dismay my savings were short and the property prices had gone up during all these years. I had to return to the USA ..
My wife refused to come back with me and my children refused to stay in India .. My 2 children and I returned to USA after promising my wife I would be back for good after two years.
Time passed by, my daughter decided to get married to an American and my son was happy living in USA ..
I decided that had enough and wound-up every thing and returned to India . I had just enough money to buy a decent 02 bedroom flat in a well-developed locality.
Now I am 60 years old and the only time I go out of the flat is for the routine visit to the nearby temple. My faithful wife has also left me and gone to the holy abode. Sometimes I wondered was it worth all this? My father, even after staying in India , had a house to his name and I too have the same nothing more.
I lost my parents and children for just ONE EXTRA BEDROOM.
Looking out from the window I see a lot of children dancing. This damned cable TV has spoiled our new generation and these children are losing their values and culture because of it.
I get occasional cards from my children asking I am alright.
RE:RE:RE:NRI - Retirement story - Good one to read
by GN on Jan 09, 2008 12:21 PM Permalink
Now perhaps after I die it will be the neighbors again who will be performing my last rights, God Bless them. But the question still remains 'was all this worth it?'
I am still searching for an answer...... ......... .!!!
This was a mail i received, which really touched my heart. In many ways reflecting the plea of NRI's
RE:NRI - Retirement story - Good one to read
by Gautam Sinha on Jan 09, 2008 01:21 PM Permalink
For the NRI, if one of the priorities was post retirement care a la Indian style, you should have thought of it before you allocated 100% priority to the dollar at young age. Also one thing the NRI doesnt write the way of life as second grade alien in foreign shore. sab maya hai
RE:NRI - Retirement story - Good one to read
by Sanjay Bhakat on Jan 09, 2008 03:00 PM Permalink
Mate ... the comment above are 100% correct, I am based in Sydney, Australia and before that was in UAE for close to 10 years. Its my personal opnion, if I get a chance to earn atleast 60 to 75% of the money I am earning here ... I shall return to India the next day. Reason's are ... (1) The cost of living with earnings are same with what one can do in India, (2) The time it takes for an average Individual to commute in train from home to work is same ... 1 hour on each side atleast, (3) The trains are as crowded as Mumbai & Delhi, sometimes we cannot board the train because no space to squeeze ourselves into, (4) Here trains also runs late, (5) Here even though an Indian has an Ausralian passport, still one can call you as SCUM and no law is in place to prosecute the abuser, (6) Here people pinches his/her pocket at the end of 10th day of the month, because no money (Salary payment is every 15 days), (7) Here if you are not careful you can be abused, beaten, murdered and mugged as well. Well people might say ... are there no plus points? (1) Yes, its run by Gora's, (2) If a Gora is inefficient still he is your Boss as Manager, (3) Things are organised & big daddy is watching always on Camera's(4) Its less populated. If I am asked by anyone in the forum ... am I ready to come back to India by sacrificing 40% of my salary ... I will say YESS. I have a 2BHK in India on Mortgage being in Australia so is my friend being in Mumbai ... what difference did i make for myself?
RE:NRI - Retirement story - Good one to read
by Kvins on Jan 09, 2008 12:51 PM Permalink
Really Good man . GN .. By the way this should have been published on the rediff page ..
RE:NRI - Retirement story - Good one to read
by Ms. Adya Bharadwaj on Jan 09, 2008 05:55 PM Permalink
Really, a full bright short story of human emotion, social anxiety and prevalent value-system. GN, thank you as your life may serve the best purpose of reminding Indians about their value-systems. It is obvious that GN is not a greedy, unfaithful and hypocrite. Indian god will certainly bless you and your siblings, does not matter where they stay.
RE:NRI - Retirement story - Good one to read
by kavi sir on Jan 09, 2008 04:13 PM Permalink
It is a pitty to be alone after 60 years of age !!! Now-a-days parents also want their son/daughter to work in USA / Dubai etc.after finishing the Engg. education. They feel proud !!??!! From the childhood onwards they nurture these ideas in the young mind - the result both of them suffer at a latter state !!! All NRIs must havea a rethink on this !!!!
RE:Say it directly...
by Gautam Sinha on Jan 09, 2008 01:23 PM Permalink
Correct. Also one more thing, most Indians buy real estate, either in work location or as land in native place which is better than most of the tricky money sucking policies of theMNC
i think indians spent their retirement life in the best way by becoming spiritual and leading life with their children / grandchildren than other countries where the old people are considered as junk
The article hits the point bang on. Retirement is a huge issue for those not in the government/semi-govt sector. No wonder people use to rush in for government jobs earlier. But now since we have plush private jobs (non-secure), we should be saving ONLY for retirement. Do not save in insurance policies. Only insurance companies earn out of the premiums and even if you have claims, you dont get it because of various reasons. Same is the case with healthcare policies.
Invest only in retirement policies and that too only in mutual funds SIP. They are the only way out. PPF/NSC/Fixed deposits are no good. Put in fixed amounts every month for SIP, apart from paying home loan. You will have a home AND a secure income from the SIP fund.
People do think abt there future and retirement. Today's world is so expensive and it is more difficult to lead the life and blady how can they think abt future?
