Tuesday, October 26, 2010

Pension and retirement - Contrast between India and France

Obviously, the pension in France must be much better than what I receive from EPF. I could not find out if any organisation could and does contribute towards more than Rs. 6500 as the pensionable salary. Worse, newspaper reports indicated that pension fund was in a financial mess in-spite of such a bad scheme from my perspective.

Unfortunately, my savings from 30 years of working do not match the gains from the property my father got in Delhi area. But my father's investment in property gave me the option of opting out when I needed to do so. For the last 3 years, I was working for about half time (and earning half as much) but it was great for me.

What has surprised me is the number of people who at least indicated that they would have loved to be in my shoes. I was bored, constrained and tired by the full-time routine and, apparently, many people are. The strikes in France indicate that this is the case in other countries as well.

Perhaps, companies could look at their practices and introduce new roles. It would be interesting to watch if the companies offered people in consulting and indirect management roles a chance to work fewer days, with suitable adjustment in salary, how many would opt for it.

However, I am certain very-very few in India would ever go on strike against increasing the retirement age.

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