Indians Enjoy More Paid Leaves and Retire Sooner Than Americans

Bangalore: Indians enjoy more paid leaves and retire sooner than Americans! In India, as per the 2011-12 Budget, the qualifying age for senior citizens had been reduced from 65 years to 60 years. The government now seems to be in the mood to extend the retirement age of all central government employees by two years, from 60 years to 62 years in order to cut down the burden on the fiscal by the said deferment.

As per the data from Organization for Economic Cooperation and Development (OECD), Japan has the longest wait for retirement followed by Washington. The data shows how many years an average 24 year old worker can expect to work until retirement at the current average retirement age. Basically it is the waiting period for retirement age to be reached by a worker in mid-twenties.

It was noted that a young Indian has to wait for 39 years to reach retirement age, which is much lesser than its counterpart in Tokyo - 44 years and Washington - 43 years. Surprisingly, the citizens of Greece, who are brewing under debt troubles, have to toil for only 36 years to reach their peak working period. The number of years is 38 for China. Citizens of Canada and Spain would also have to wait for 39 years to reach their retirement age. It was seen that citizens of Israel, Germany and Italy would toil a long 41 years before they reached their retirement age while following them closely are England, Sweden and Turkey citizens who would have to work 40 years to reach their retirement age.

The ‘Retirement Age’ is widely analyzed in the world of finance, since most of the goals in place of an individual’s investment decisions are based on this crucial viewpoint. While for organizations, it has collapsing effects on their employment plans and post-retirement benefits.