• Industry: Financial Services
  • Type: KPMG information
  • Date: 1/9/2014

Old age security: Doing the right thing for our elders 

Few societies have truly faced up to the magnitude of long-term elderly care crisis. If this system fails it will have devastating consequences for elderly individuals, their families, the economy and wider society. Without swift action, such a gloomy outlook is probable rather than possible. It is estimated that India has around 90 million elderly and by 2050, this number is expected to rise to 315 million. The life expectancy in India has increased from 42 years in 1960 to over 65 years at present. Longevity is laudable as an achievement in developing countries but it leads to social and economic pressures on formal and informal care network along with the government. Governments around the world have a herculean task at hand of providing for pensions, housing, medical services and a dignified life for seniors.