The government could come up with measures including incentives for employers to hire retirees through part-time work arrangements and flexible retirement age policies, a senior government official told ET.
Other measures such as a minimum wage framework for people above a certain age based on prior experience, along with phased retirement and modification of roles and responsibilities, are also under consideration, said the official, who did not wish to be identified.
While India is considered a young country, the United Nations projects that Indians over the age of 60 years will double by 2050, constituting almost 19.6% of the total population.
“India is ageing at a rapid rate and the government is trying to see how we can harness the experience of our elderly while ensuring jobs for younger generations are not compromised,” said the official.
The 2011 Census estimated India’s older population at 104 million. The figure is projected to more than double by 2036 to 225 million and then reach 425 million by 2061, more than a fourfold increase in 50 years.Many nations, especially the ones with ageing populations such as Japan, Spain, Italy, Germany and France, are contemplating how best to use the professional experience of their older workers, including those exceeding the age of professional retirement.
The issue also came up for discussion at a webinar held recently on the sidelines of a G20 meeting. The outcome of the deliberations could become part of the government’s skill strategy paper, according to the official.