Social Security Schemes for Old People need a big boost

Agewell Foundation conducted the National Study, titled Status of Social Security and Social Protection Floors in India ( With Special Focus on Older Persons) March - 2019, especially for the 10th Session of Open-Ended Working Group on Ageing to be held at UN Headquarters during April 2019. For the exercise, the Foundation spoke to 10,000 senior citizens across India. The study has now been included (displayed) on the OEWG conference website: https://social.un.org/ageing-working-group/documents/tenth/Social-Security-in-India-2019.pdf

Agewell Foundation said one of the major emerging findings from the study was that "every second elderly person in India is concerned about his/her social security."

The study conducted by Agewell Research and Advocacy Centre for the United Nations revealed that 51.9% respondents out of the 10,000 surveyed were not satisfied with the overall status of social security schemes for older persons in India.

Salient findings of the Agewell Foundation Study

• More than 1/4^th respondents (27%) depend on their children/close relatives for their financial needs, whereas 16% of respondents were found to be dependent on others.
• 55.1% of respondents reportedly claimed that there are no sufficient provisions for the financial security of older people in India.
• 41% of respondents were found to be dissatisfied with the general status of social security schemes for all age groups in India.
• 51.9% of respondents reportedly agreed that the overall status of social security schemes for older persons in India is not satisfactory.
• 58.7% of respondents disagreed with the fact that old age pension schemes are working well in India.
• 36.9% of elderly respondents said that in their opinion disability benefit schemes particularly for Old People are not satisfactory in India.
• 61% of respondents said that they are not satisfied with old age financial security schemes in India.

Speaking about the latest study, Himanshu Rath, founder of Agewell Foundation said, "Government policies and our social norms are not at par so far as social security in old age is concerned. The condition of social security schemes is very depressing. The government must focus on social security schemes keeping in view the fast changing needs of the increasing population of older persons."

It is observed that in spite of availability of several social security schemes and social protection floors at different levels, most elderly people, particularly older people above 80, are not capable enough to avail available benefits due to many hindrances including lack of transportation facilities, lack of caregivers and also lack of awareness about the schemes being run for the well-being of older persons.

On the basis of survey findings and observations, the Agewell Foundation has recommended:

• Maximum coverage under existing and/or new social security schemes.
• Positive environment for financial planning from a younger age so that they can earn assured income in old age.
• Dedicated healthcare facilities, particularly in rural and semi-urban areas for Old People.
• Old age pension amount should be benchmarked to the increasing cost of living.
• Provisions for tax incentives for younger people, looking after dependent senior citizens.
• Provisions for dependent ageing parents allowance for employees in govt./public sector.
• The financial incentive for setting up a network of Caregivers for Older Persons at the block level to assist older persons living alone.
• Specially designed Self-Employment Scheme for the aged.