EPFO supports increasing retirement age

The Employees' Provident Fund Organization (EPFO) believes there is a strong argument for significantly raising the retirement age in India and bringing it into line with life expectancy in order to guarantee the sustainability of the nation's pension system and offer sufficient retirement benefits.

With 140 million people expected to be above the age of 60 by 2047, India is expected to become an aging society. The nation's pension funds are anticipated to be under tremendous strain as a result of this.

According to EPFO's Vision 2047 document, raising the retirement age in the future "may be considered in line with the experience of other nations and will be crucial to the survival of pension systems."

In the 2012 edition of its "Pension Outlook," the Organization for Economic Cooperation and Development stated that governments will need to gradually raise the retirement age to account for rising life expectancy in order to ensure that their respective national pension systems are both affordable and sufficient.

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