‘India ageing gradually; every 5th person to be 60+ by 2050’
India will transform gradually from young to a ‘greying’ country and by 2050 every 5th Indian will be in 60s as against every 12th at present.
Flagging the demographic transition, a PFRDA-CRISIL report today said it is important that the development of the under-penetrated pension market in India be initiated now, when the situation is ripe.
“Demographically, India will transition slowly from a ‘young’ to a ‘greying’ country, where persons above the age of 60 would increase from 8.9 per cent of the population now to 19.4 per cent by 2050,” said PFRDA Chairman Hemant G Contractor in the report, ‘Financial security for India’s elderly – The imperatives’.
As per the report, the population of people above 80 is likely to increase from 0.9 per cent to 2.8 per cent by 2050.
“Continuously declining inter-generational support within families makes it imperative to have a well-developed, self- sustaining pension system in the country,” the report said.
Almost 90 per cent of the population was below the age of 60 years and the working age population proportion stood at 44 per cent in 2015.
Full Content: Economic Times
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