As I near my mid-century mark in age, I am filled with a vague sense of unease. A random conversation with a friend about the retirement age in the U.S. being 65 sparked these flows of thoughts in me. All my life, I have been blessed to work in a corporate organisation and now suddenly, my retirement looms ahead. Most people will strike me down for saying this. Retirement from a formal work life is welcomed by many to pursue other talent and interests and lead a relaxed life. It is like a second innings at life.
While I too would love to pursue other interests and step back from the running we do to accomplish this professional existence, I am scared. Will I be able to survive the relaxed life?
In our country, most people are by law required to retire from work between the ages of 58 and 60. They may want to continue for many reasons — physical ability to continue working, mental agility and willingness to work, financial need to build a retirement nest or any other commitments. Organisations may also prefer to retain their experienced employees for a longer time based on need. Being able to retain that favourite teacher or that honest security officer or the insanely smart and committed manager for a few more years may mean the world to a few organisations.
I did a little research into the retirement ages of most countries and found that most developed countries have a higher retirement age and developing countries have a lower one. While this may have been decided based on the health status and life expectancy of a country at a point in time, with better health facilities and increasing life expectancy, the retirement age in corporate India needs a relook.
It is time we increased the retirement age to a higher value. And since one value may not fit all, can we look at 58 being the minimum age of retirement at which a person may receive all retirement benefits and 65 being the maximum? With a range like this, it may be possible for everyone to choose to have a longer corporate life if they would like to.
India’s politicians get into their groove mostly after the stipulated retirement age. While the powers that decide India Inc’s fate are all above retirement age, why can’t we work more?
pbhema@yahoo.com
