Second career for Senior Citizens. A portal by Dignity Foundation and ICICI Prudential Life Insurance.
India’s 80 million Senior Citizens have a reason to cheer. Recently, the Dignity Foundation, in partnership with ICICI Prudential Life Insurance launched an exclusive portal ,
www.dignitysecondcareers.org
meant to be the first job portal for the senior citizens. The initiative makes immense sense in the age of increased longevity and rising aspirations, and given the store house of knowledge and experience many retired citizens possess. According to founder President of the Dignity Foundation Sheilu Sreenivasan, a post-retirement second career is usually meant for being meaningfully occupied rather tha just making money. Hence the portal encourages retirees and individuals in the 50-plus segment to lead a more holistic and active post-retirement life, by providing them a platform to explore opportunities that would enable them to utilize their expertise and skills. Second career options are available for both part-time and full time jobs in the Corporate sector as well as in the NGO segment. Those interested can register themselves for a small fee and submit a detailed resume. The portal also offers 40 hour basic course in using Computers at different places { Bombay, Delhi, Chennai, Bangalore, Kolkatta, and Visakhapatnam}. In addition, there are two-day workshops for inculcating soft-skills among aspirants for the second careers.
( copied from BUSINESS INDIA, Nov 30, 2008 )
Monday, March 30, 2009
Tuesday, March 24, 2009
6CPC and Indian economy
Did you think that the implementation of 6CPC recommendations have drained Government money ? Affected our economy badly ? Then it's the other way.
A recent report on economic growth says that 6CPC had helped Indian economy from a steep fall. The current projection 5.3% GDP growth (against 7.6 % in the previous quarter) is below the most conservative projections. But there are a few signs of improvement.
The fall in growth would have been worse, but 6CPC gave a boost to public consumption (upto 24.6 % ), offsetting the deceleration in private consumption.
A recent report on economic growth says that 6CPC had helped Indian economy from a steep fall. The current projection 5.3% GDP growth (against 7.6 % in the previous quarter) is below the most conservative projections. But there are a few signs of improvement.
The fall in growth would have been worse, but 6CPC gave a boost to public consumption (upto 24.6 % ), offsetting the deceleration in private consumption.
Friday, March 20, 2009
6CPC - Every pensioner has a complaint
6CPC - Every pensioner complains ...
Here are a few points (personal view) on the 6CPC implementation of Retirement/ Pensionary benefits. I invite your comments.
1. Revised Pension - Anomalies
Unlike earlier Pay Commissions, the 6CPC has introduced the concept of ‘Pay Band’ and ‘Grade Pay’. By this, a group of scales are bunched and a common pay scale is introduced. ‘Grade Pay’ differentiates the various categories in the PayBand.
Pension is computed and paid to a retiree on the basis of his average pay of the last 10 months. On revision of pay by 6CPC, an earlier pensioner (pre 2006) is given a pension (not less than) 50% of the pay at the lowest level of the revised pay scale. Thus the pension of a person with many (even more than10-15 ) years of experience also is equated to that of a new entrant by this process.
Pension is the right of a Govt employee, by virtue of his service. Irrational reduction by any law is discriminatory. It would be a basic justice, that the pension may be computed on the basis of the last drawn salary equated to the new scale as is done for fixing the pay of a current employee. This would be a justice as his service period will get duly accounted for the pension amount.
A close look at any specific case would reveal that the difference in pension for a retiree on 31-12-2005 and that on 1-1-2006 (just over a day) is as high as 20%. The discrepancies in the revised pension needs to be resolved. This injustice would demand a relook and appropriate normalization.
2. Pension fixation - Anomalies
The Pay Band principle brings in many anomalies of pension fixation. “ 50% of the pay at the minimum of the scale in the PayBand” brings in a lot of injustice and anomalies too. By the order of the pension cell, the pension has been reduced in many cases (by even 20 %), which is a blatant violation of equity. Hence the order of the pension cell should be modified to derive the intended benefit to the pensioner.
3. Gratuity.
Gratuity is a one time payment given to a retiring employee, intended to help him build a retired life. The amount of this payment has been fixed, on various considerations, by the Government (and Pay Commissions). The absolute value of this payment has not been protected against inflation or any other rising indexes over time. Thus a person retiring in 1996 gets a Gratuity of Rs.3.5 Lakhs, and the same level is retained to those retiring even on 31-12-2005. At the same time, it is evident that the salaries in 2005 is over two times that in 1996, and the cost of living and price indexes have increased multifold. Government did not revise this progressively over the years, to accommodate this variation in pay and burdens. This results in an unjustified disparity among the employees retiring over the years. Justice would certainly be that the gratuity be calculated on the basis of the real value ie. by accounting for the cost of living and other rising economic indexes, and thereby adjusting the value of 3.5 Lakhs.
6CPC has raised the Gratuity to Rs. 10.0 Lakhs, but only to those retiring after 1 Jan 2006. This also is clearly a denial of justice to the pre-2006 retirees. A workable solution would be to use a tapering formula to compute the amount of Gratuity. ie. Tapering from Rs.3.5 L in 1996 to 10.0 L in 2006. The heavy losses, thus born by the pre-2006 retirees, should be normalized, by paying the difference on a tapering formula. That would assist the pre-2006 retirees to build their peaceful retired life.
4. House Rent Allowance.
The drastic increase in house rent, across the country, has made it impossible to hire a modest living place even in relatively less costly places. The 6CPC has recommended a decent higher rent on the revised scale to all employees across all places in the country. Pensioners have been thrown to great hardships due to increased rent on one hand and increasing medical care costs on the other. The DA increases from time to time, however, does not match or suffice the high rising rent and medical burden. Hence, it would be but justice, that house rent relief should be provided to pensioners also.
5. Commutation of Revised Pension.
Commutation of pension (with a max of 40% of basic pension) is an opportunity offered to the retirees to get a bulk of money on retirement. This helps him to invest for setting up his retired life, or invest in an opportunity that would get him better returns for maintenance of his life. A pre-2006 retiree, who had commuted his (pre-revised) pension, got a small amount of money. Whereas, a post-2005 retiree, on his revised higher pension, would be getting a higher (handsome) amount. The pre-2006 pensioners are deprived of this opportunity. It would be a great help, if the pre-2006 pensioners are allowed to commute on his revised pension now. The bulk amount (though small) would still help him invest in better opportunities, or meeting important family needs. It is requested that the pre-2006 retirees are offered this facility to commute 40% on his revised pension (less amount commuted earlier).
Here are a few points (personal view) on the 6CPC implementation of Retirement/ Pensionary benefits. I invite your comments.
1. Revised Pension - Anomalies
Unlike earlier Pay Commissions, the 6CPC has introduced the concept of ‘Pay Band’ and ‘Grade Pay’. By this, a group of scales are bunched and a common pay scale is introduced. ‘Grade Pay’ differentiates the various categories in the PayBand.
Pension is computed and paid to a retiree on the basis of his average pay of the last 10 months. On revision of pay by 6CPC, an earlier pensioner (pre 2006) is given a pension (not less than) 50% of the pay at the lowest level of the revised pay scale. Thus the pension of a person with many (even more than10-15 ) years of experience also is equated to that of a new entrant by this process.
Pension is the right of a Govt employee, by virtue of his service. Irrational reduction by any law is discriminatory. It would be a basic justice, that the pension may be computed on the basis of the last drawn salary equated to the new scale as is done for fixing the pay of a current employee. This would be a justice as his service period will get duly accounted for the pension amount.
A close look at any specific case would reveal that the difference in pension for a retiree on 31-12-2005 and that on 1-1-2006 (just over a day) is as high as 20%. The discrepancies in the revised pension needs to be resolved. This injustice would demand a relook and appropriate normalization.
2. Pension fixation - Anomalies
The Pay Band principle brings in many anomalies of pension fixation. “ 50% of the pay at the minimum of the scale in the PayBand” brings in a lot of injustice and anomalies too. By the order of the pension cell, the pension has been reduced in many cases (by even 20 %), which is a blatant violation of equity. Hence the order of the pension cell should be modified to derive the intended benefit to the pensioner.
3. Gratuity.
Gratuity is a one time payment given to a retiring employee, intended to help him build a retired life. The amount of this payment has been fixed, on various considerations, by the Government (and Pay Commissions). The absolute value of this payment has not been protected against inflation or any other rising indexes over time. Thus a person retiring in 1996 gets a Gratuity of Rs.3.5 Lakhs, and the same level is retained to those retiring even on 31-12-2005. At the same time, it is evident that the salaries in 2005 is over two times that in 1996, and the cost of living and price indexes have increased multifold. Government did not revise this progressively over the years, to accommodate this variation in pay and burdens. This results in an unjustified disparity among the employees retiring over the years. Justice would certainly be that the gratuity be calculated on the basis of the real value ie. by accounting for the cost of living and other rising economic indexes, and thereby adjusting the value of 3.5 Lakhs.
6CPC has raised the Gratuity to Rs. 10.0 Lakhs, but only to those retiring after 1 Jan 2006. This also is clearly a denial of justice to the pre-2006 retirees. A workable solution would be to use a tapering formula to compute the amount of Gratuity. ie. Tapering from Rs.3.5 L in 1996 to 10.0 L in 2006. The heavy losses, thus born by the pre-2006 retirees, should be normalized, by paying the difference on a tapering formula. That would assist the pre-2006 retirees to build their peaceful retired life.
4. House Rent Allowance.
The drastic increase in house rent, across the country, has made it impossible to hire a modest living place even in relatively less costly places. The 6CPC has recommended a decent higher rent on the revised scale to all employees across all places in the country. Pensioners have been thrown to great hardships due to increased rent on one hand and increasing medical care costs on the other. The DA increases from time to time, however, does not match or suffice the high rising rent and medical burden. Hence, it would be but justice, that house rent relief should be provided to pensioners also.
5. Commutation of Revised Pension.
Commutation of pension (with a max of 40% of basic pension) is an opportunity offered to the retirees to get a bulk of money on retirement. This helps him to invest for setting up his retired life, or invest in an opportunity that would get him better returns for maintenance of his life. A pre-2006 retiree, who had commuted his (pre-revised) pension, got a small amount of money. Whereas, a post-2005 retiree, on his revised higher pension, would be getting a higher (handsome) amount. The pre-2006 pensioners are deprived of this opportunity. It would be a great help, if the pre-2006 pensioners are allowed to commute on his revised pension now. The bulk amount (though small) would still help him invest in better opportunities, or meeting important family needs. It is requested that the pre-2006 retirees are offered this facility to commute 40% on his revised pension (less amount commuted earlier).
The paradigm shift in Indian Culture
The paradigm shift in Indian culture.
Senior Citizens may find it a bit difficult to digest. But, believe it or not, they are all facts. Read on the following quotes from the latest “Business India
- Average age at which Indian men take to alcohol consumption, in years : 13.5
Average age at which an Indian man began consuming alcohol 20 years ago, in years : 28.
- Chances that men in
Chances that women in India
- Percentage of bribe demands that are made by Government officials in
Percentage of bribe demands that are made by Police department in India and China
- Percent of men in
Rank of Ahmedabad and Bombay among cities in terms of youngsters indulging in pre-marital sex : 1 and 2.
Percentage of Delhi school boys and girls confessed to smoking regularly : 3.6 and 1.3.
There's no digestive pills available for this !
The lighter side of growing old
On the lighter side of growing old !
A group of senior citizens were exchanging notes about their ailments.
"My arm is so weak I can hardly hold this coffee cup."
"Yes, I know. My cataracts are so bad I can't see to pour the coffee."
"I can't turn my head because of the arthritis in my neck."
"My blood pressure pills make me dizzy."
"I guess that's the price we pay for getting old."
"Well, it's not all bad. We should be thankful that we can still drive."
A group of senior citizens were exchanging notes about their ailments.
"My arm is so weak I can hardly hold this coffee cup."
"Yes, I know. My cataracts are so bad I can't see to pour the coffee."
"I can't turn my head because of the arthritis in my neck."
"My blood pressure pills make me dizzy."
"I guess that's the price we pay for getting old."
"Well, it's not all bad. We should be thankful that we can still drive."
The lighter side of growing old
On the lighter side of growing old !
THE STAGES OF SUCCESS At age 4, success is...not peeing in your pants.
At age 12, success is...having friends.
At age 16, success is...having a driving license.
At age 20, success is...having sex.
At age 35, success is...having money.
At age 50, success is...having money.
At age 60, success is...having sex.
At age 70, success is...having a driving license.
At age 75, success is...having friends.
At age 80, success is...not peeing in your pants
At age 12, success is...having friends.
At age 16, success is...having a driving license.
At age 20, success is...having sex.
At age 35, success is...having money.
At age 50, success is...having money.
At age 60, success is...having sex.
At age 70, success is...having a driving license.
At age 75, success is...having friends.
At age 80, success is...not peeing in your pants
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