With increasing inflation, senior citizens are expecting a higher allowance in the basic limit of pension schemes and higher contribution to mediclaim.
With increasing inflation, senior citizens are expecting a higher allowance in the basic limit of pension schemes and higher contribution to mediclaim. Also, they are hoping that finance minister Pranab Mukherjee would introduce some special investment scheme with higher interest rate for senior citizens.
“The budget should have a provision to increase the fund for the old age premium programme. At present, the premium varies from state to state. The state government and the Union government should work on this so as to make it uniform across the country. This will bring a huge relief for senior citizens," said honorary president, International Longevity Centre Sharadchandra Gokhale.
He said the budget should stress upon the need to create a separate health programme for senior citizens particularly, those who are above 80 years.
“People above 80 years are vulnerable to many diseases and need support from the government. Not only should help be given for treatment of ailments but also some systems should be in place to provide them counseling for various mental health problems. In rural areas, support should be extended to the senior citizens through various programmes using the panchayat system,’’ Gokhale said.
Vasant Indurkar, 89, a retired IRS official, is hoping that the income tax slab is increased from the present base rate and the corresponding benefit for the senior citizens along with it. “The income tax first slab ought to be raised from Rs1.60 lakh to Rs2 lakh and the correspondent benefit from Rs2 lakh to Rs2.80 lakh,’’ he said.
Chartered accountant Rahul Mirasdar said, “For senior citizens, besides increase in the tax slabs, provision of some long-term investment avenues for the financial security at the age of retirement will be of immense help. Also, the effective implementation of the existing schemes such as New Pension Scheme (NPS) will benefit them. A rise in the limits applicable to working women and senior citizens which are Rs1.90 lakh and Rs2.40 lakh respectively will help them," he said.
Financial expert Bharat Phatak also stressed on the need for new schemes to be introduced for senior citizens.
“Any special investment scheme that gives a higher rate of return to senior citizens is welcome. With higher inflation, they will expect a higher allowance in the basic pension limit and higher contribution to mediclaim," he said.
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