'78% Indians don't save enough for comfortable retirement'

August 21, 2014

RetirementNew Delhi, Aug 21: Notwithstanding a high savings rate of 16 per cent per annum, second only to China, around 78 per cent of Indian employees still believe they are not saving enough for a comfortable retirement, says a report by Towers Watson.

According to the global professional services firm, a large number of employees are not confident of affording a long spell of retirement amid high inflationary pressures.

"In the face of a high inflationary environment and the advent of nuclear families, retirement adequacy is fast emerging as a national challenge with serious economic and social ramifications," Towers Watson India Benefits Director Anuradha Sriram said.

The report noted that though Indian employees have the second highest savings rate at 16 per cent, second only to China, yet a large number are not confident of affording a long spell of retirement with an overwhelming 78 per cent feeling the need to save more.

To overcome a possible insufficiency of retirement income, it is interesting to note that across all age groups, Indian employees would rather save more than extend their retirement age.

A majority 56 per cent Indian employees would rather save more as compared to 29 per cent who would prefer to work a few years longer, says the survey.

With most Indian employees expecting to retire around the age of 60, saving for retirement has appeared as the top financial priority for those above 50 and amongst the top 3 across all age groups.

Amongst members of retirement plans, housing and saving for retirement are the top 2 priorities in the below 40 age group, while saving for retirement is the top priority for those above 40.

"While many remain unsettled about their post retirement financial prospects, India has a relatively young workforce, thus allowing them time to plan.

"That said, there is an evident need for the government and employers to take cognisance of the issue and incentivise or mandate such savings," Sriram said.

The survey was conducted across 12 countries, covering 22,347 employees working for large, non-government employers.

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Agencies
January 19,2020

New Delhi, Jan 19: Messaging service WhatsApp which on Sunday faced issues in transmitting multimedia content including pictures and images, prompting social media users to share hilarious memes and messages, resumed regular services after over two hours.

#WhatsAppDown was the trending hashtag on Twitter for most part of Sunday afternoon in India along with several other countries such as Brazil, Europe and also parts of Middle-East including UAE, reported downdetector.in, a realtime problem and outage monitoring website.

Users of the popular messaging app were unable to send media files, stickers and GIFs.

Most users immediately went to Twitter to find out about the problem and check if others were facing the same issue.

Numerous tweets and memes took over the internet as soon as the news broke about the WhatsApp tech issue. After around two hours of technical glitch, the app resumed full service.

Even after full recovery of media transfer, people globally still continued checking the status of the messaging app.

WhatsApp has been one of the prime messaging apps since May 2009 and has recently collaborated with Facebook.

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News Network
January 17,2020

New Delhi, Jan 17: E-commerce major Amazon on Friday said it plans to create one million new jobs in India over the next five years through investments in technology, infrastructure and its logistics network.

These jobs are in addition to the seven lakh jobs Amazon's investments have enabled over the last six years in the country.

"Amazon plans to create one million new jobs in India by 2025," the company said in a statement, adding that the jobs - created both directly and indirectly - will be across industries, including information technology, skill development, content creation, retail, logistics, and manufacturing.

Amazon.com Inc chief Jeff Bezos had on Wednesday announced USD 1 billion (over Rs 7,000 crore) investment in India to help bring small and medium businesses online and committed to exporting USD 10 billion worth of India-made goods by 2025.

"We are investing to create a million new jobs here in India over the next five years," Bezos said.

"We’ve seen huge contributions from our employees, extraordinary creativity from the small businesses we've partnered with, and great enthusiasm from the customers who shop with us—and we’re excited about what lies ahead," Bezos added.

India has prioritised job creation and skilling initiatives – including the training of more than 400 million people by 2022 – in rural and urban areas.

"Amazon’s job creation commitment and investment in traders and micro, small and medium enterprises (MSMEs) complement this social inclusion and social mobility efforts by creating more opportunities for people in India to find employment, build skills, and expand entrepreneurship opportunities," the statement said.

The new investments will help to hire talent to fill roles across Amazon in India, including software development engineering, cloud computing, content creation, and customer support.

Since 2014, Amazon has grown its employee base more than four times, and last year inaugurated its new campus building in Hyderabad – Amazon’s first fully-owned campus outside the United States and the largest building globally in terms of employees (15,000) and space (9.5 acres).

The investments will also help in expanding growth opportunities for the more than 5,50,000 traders and micro, small, and medium-sized businesses – including local shops – through programs like Saheli, Karigar, and “I Have Space”.

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Agencies
January 26,2020

New Delhi, Jan 26: Google on Sunday marked India's 71st Republic Day by dedicating a doodle illustrating the country's rich cultural heritage that permeates and unites the diverse nation.

From its world-famous landmarks like the Taj Mahal and India Gate, to the wide array of fauna such as its national bird (the Indian peafowl), to classical arts, textiles, and dances, the doodle, designed by Singapore-based artist Meroo Seth, brings together the rich cultural heritage of the country.

Republic Day marks the completion of India's transition towards becoming an independent republic after its constitution came into effect. The governing document had taken nearly three years of careful deliberation to finalise, and its eventual enactment was joyfully celebrated across the country.

While the Constitution was adopted by the Indian Constituent Assembly on 26 November 1949, it came into effect on January 26 -- a day when Declaration of Indian Independence (Purna Swaraj) was proclaimed by the Indian National Congress back in 1929, as opposed to the Dominion status offered by the British Regime.

Festivities embody the essence of diversity found in one of the world's most populous nations, celebrated over a three-day period with cultural events displaying national pride.

Last year's doodle on Republic Day, designed by artist Reshidev RK, had featured Rashtrapati Bhavan in the background along with a display of the country's iconic monuments and heritage.

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