(i) The table shows country wise retirement age reforms implemented or under consideration (in years).
(ii) Germany, United States of America, Australia and Japan are the developed countries and China and India are the developing countries.
(iii) Many countries have considered or considering the increase in retirement age because increase in ageing population increases pressure on pension funding, retirement provisions and medical facilities.
(iv) Due to increase in retirement age and life expectancy people can work for many years. This will reduce pressure on pension funding, retirement provisions and expenses on medical facilities.
(v) China is considering increasing the age of retirement later in 2045 because the proportion of children and young adult population is going to decrease in the age structure of the country.
(vi) From economic point of view, it is yes. India should increase retirement age because in India too expectancy of life in higher age groups is increasing. If we increase retirement age it will reduce pressure on pension fund and medical facilities.
But from the socio-economic point of view, it is not advisable to increase retirement age because the rate at which population in working age group is increasing, job opportunities are not increasing. If you increase retirement age, unemployment in working age population will increase. This will lead to many socio-economic problems.
(vii) A country in which large percentage of population is in working age group and the life, expectancy is high, large human force will be available for the economic development. However, if large percentage population is found in younger age group and elderly age group, dependency ratio will be high and the country will have slow economic development.
