The Impact of the Budget-2013 on India's Seniors

PRLog (Press Release) - Mar. 8, 2013 - The Impact of the Budget-2013 on India's Seniors

Chennai,4th March 2013

This year's budget has been a bag of mixed reactions for the middle class.With the income tax slabs remaining unchanged,a tax credit of Rs 2000 for income under Rs 5,00,000 p.a.  should bring some respite among the taxable population.This may not bring as much cheer to the ageing segment of our population. With 7.5% of the total population being Senior citizens (2010 census),we need to have stronger measures in place to ensure that returns on investments of our seniors are safeguarded against inflation. According to Col.(Veteran) A Sridharan M.D.  of Covai Senior Care Constructions Pvt.Ltd., this is crucial as the rising prices in essential commodities is giving a sharp dent to the houshold budgets of Senior citizens as they rely only on their savings and pension.Also though the exemption limit on taxes for super senior citizens is unchanged at 5 lakhs p.a.,we could have included the segment of 60-80 years into this bracket. He further commented that, with our senior citizens living independently either by choice or by circumstances (young working population heading to larger cities in India or Abroad for career growth), it becomes imperative for our society to include them in all vital decisions involving the economic and social welfare of country.

With the  Indian Middle class expected to grow exponentially, lack of well-defined social security measures as compared to the West may add more strain to our greying population in the near future.Our seniors would soon need a proper action plan on assisted living options to strike a balance between the young and old of our society and having a seniors-friendly financial budget is the only way forward.