NEW DELHI: India will transform gradually from young to a ‘greying’ country and by 2050 every 5th Indian will be in 60s as against every 12th at present.
Flagging the demographic transition, a PFRDA-CRISIL report today said it is important that the development of the under-penetrated pension market in India be initiated now, when the situation is ripe.
“Demographically, India will transition slowly from a ‘young’ to a ‘greying’ country, where persons above the age of 60 would increase from 8.9 per cent of the population now to 19.4 per cent by 2050,” said PFRDA Chairman Hemant G Contractor in the report, ‘Financial security for India’s elderly – The imperatives’.
As per the report, the population of people above 80 is likely to increase from 0.9 per cent to 2.8 per cent by 2050.
“Continuously declining inter-generational support within families makes it imperative to have a well-developed, self- sustaining pension system in the country,” the report said. (AGENCIES)
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