The citizens, who have crossed the age of 60 years are described variously as ‘senior citizens’, ‘elderly’ and ‘aged’. The population of this segment has increased steadily since 1950. The Census of India 2001 enumerated approximately 7.6 crore senior citizens in India, which has increased to 10.4 crore in 2011. As per the report of UNFPA , this number is expected to grow to 17.3 crore by 2025 and about 24 crore by 2050.
The population share of senior citizens will increase from 8 percent in 2015 to 19 percent in 2050 and it is expected that by the end of the century, senior citizens will constitute nearly 34 percent of the total population of the country. This ageing phenomenon is all set to replace the ‘youth bulge’ that India is currently experiencing with an ‘aging society’.
The United Nations Population Fund (UNFPA) 2017 observed that “the relatively young India of today will turn into a rapidly ageing society in coming decades.”
Prime Minister Narendra Modi says "Today, if we are able to work so rapidly to create a new India, it is because of the foundation our senior citizens laid. The value and wisdom of our senior citizens
are important for us. We have given top most focus for dignity, financial security and well-being of our senior citizens".
Our Senior Citizens have expectation for our current NAMO 2.0 / NDA Government, we have this June 2019 government will accept our following demand:
Exempt 18% GST on Residential or Non Residential Elder and Disable Care Service : 18% GST for Elder CARE services & accommodation under heading no. 9993, GST Service Code 99932, GST code 999321, GST service no. 999322. In old age and for person with disability; health care, shelter and related services are great support not only for the person but also for the families. Request to please HELP 105 million Senior Citizens and their families by exempting on above GST.
Increase Full Tax rebate for all Senior Citizens upto Rs. 8 Lakh and for 80plus upto Rs. 10 lakh
Increase Interest rates on 'Senior Citizens Savings Scheme 2004'
Increase NSAP Indira Gandhi National Old Age Pension Scheme (IGNOAPS) from Rs. 200/- to Rs. 3000/- for all BPL Senior Citizens
Start Universal Pension of Rs. 3000/- for all 80 plus
NO TDS for Senior citizens for earning upto Rs. 10 Lakh.
Comprehensive dedicated Health Insurance :
The cost of the health care during old age appears to be very high and this in turn increases the out of pocket expenditure on health care particularly when private facilities are availed of. When older persons are economically dependent, increasing health expenditure adds to the economic burden on the family. Request to have dedicated Health Insurance for all 60 plus and tax subsidy increase for children who are looking after their sick old parents or grandparents.
Increase in IT Deduction for medical expenditure:
As there high rise in medical and heath care cost in old age, we request Increase the limit of deduction for medical expenditure in respect of certain critical illness to 3 lakh in respect of all senior citizens, under section 80DDB.
Senior Citizens Welfare Fund : In pursuance of the announcement made in the Budget Speech of Finance Minister – 2015-16, a Senior Citizens' Welfare Fund was established in March 2016. The fund consists of the unclaimed amounts transferred by government institutions holding such
funds. We need government input on this, what has happened to this fund and where its being utilized and from where resources are being sourced.
Introduce mandatory 10% spending for companies, exclusive for 60plus welfare for all CSR program
Give 10 year Tax Holiday for all Startup new or existing working exclusive for Senior Citizens
Give Tax rebate to children who are looking after their depended 60 plus parents
The population share of senior citizens will increase from 8 percent in 2015 to 19 percent in 2050 and it is expected that by the end of the century, senior citizens will constitute nearly 34 percent of the total population of the country. This ageing phenomenon is all set to replace the ‘youth bulge’ that India is currently experiencing with an ‘aging society’.
The United Nations Population Fund (UNFPA) 2017 observed that “the relatively young India of today will turn into a rapidly ageing society in coming decades.”
Prime Minister Narendra Modi says "Today, if we are able to work so rapidly to create a new India, it is because of the foundation our senior citizens laid. The value and wisdom of our senior citizens
are important for us. We have given top most focus for dignity, financial security and well-being of our senior citizens".
Our Senior Citizens have expectation for our current NAMO 2.0 / NDA Government, we have this June 2019 government will accept our following demand:
Exempt 18% GST on Residential or Non Residential Elder and Disable Care Service : 18% GST for Elder CARE services & accommodation under heading no. 9993, GST Service Code 99932, GST code 999321, GST service no. 999322. In old age and for person with disability; health care, shelter and related services are great support not only for the person but also for the families. Request to please HELP 105 million Senior Citizens and their families by exempting on above GST.
Increase Full Tax rebate for all Senior Citizens upto Rs. 8 Lakh and for 80plus upto Rs. 10 lakh
Increase Interest rates on 'Senior Citizens Savings Scheme 2004'
Increase NSAP Indira Gandhi National Old Age Pension Scheme (IGNOAPS) from Rs. 200/- to Rs. 3000/- for all BPL Senior Citizens
Start Universal Pension of Rs. 3000/- for all 80 plus
NO TDS for Senior citizens for earning upto Rs. 10 Lakh.
Comprehensive dedicated Health Insurance :
The cost of the health care during old age appears to be very high and this in turn increases the out of pocket expenditure on health care particularly when private facilities are availed of. When older persons are economically dependent, increasing health expenditure adds to the economic burden on the family. Request to have dedicated Health Insurance for all 60 plus and tax subsidy increase for children who are looking after their sick old parents or grandparents.
Increase in IT Deduction for medical expenditure:
As there high rise in medical and heath care cost in old age, we request Increase the limit of deduction for medical expenditure in respect of certain critical illness to 3 lakh in respect of all senior citizens, under section 80DDB.
Senior Citizens Welfare Fund : In pursuance of the announcement made in the Budget Speech of Finance Minister – 2015-16, a Senior Citizens' Welfare Fund was established in March 2016. The fund consists of the unclaimed amounts transferred by government institutions holding such
funds. We need government input on this, what has happened to this fund and where its being utilized and from where resources are being sourced.
Introduce mandatory 10% spending for companies, exclusive for 60plus welfare for all CSR program
Give 10 year Tax Holiday for all Startup new or existing working exclusive for Senior Citizens
Give Tax rebate to children who are looking after their depended 60 plus parents
Sailesh Mishra
Founder President - Silver Innings Group
