'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
February 23,2020

Google has indexed invite links to private WhatsApp group chats, meaning anyone can join various private chat groups (including several porn-sharing groups) with a simple search.

According to a report in Motherboard, invitations to WhatsApp group chats were being indexed by Google.

The team found private groups using specific Google searches and even joined a group intended for NGOs accredited by the UN and had access to all the participants and their phone numbers.

Journalist Jordan Wildon said on Twitter that he discovered that WhatsApp's "Invite to Group Link" feature lets Google index groups, making them available across the internet since the links are being shared outside of WhatsApp's secure private messaging service.

"Your WhatsApp groups may not be as secure as you think they are," Wildon tweeted on Friday, adding that using particular Google searches, people can discover links to the chats.

According to app reverse-engineer Jane Wong, Google has around 470,000 results for a simple search of "chat.whatsapp.com", part of the URL that makes up invites to WhatsApp groups.

WhatsApp spokesperson Alison Bonny said: "Like all content that is shared in searchable public channels, invite links that are posted publicly on the internet can be found by other WhatsApp users."

"The links that users wish to share privately with people they know and trust should not be posted on a publicly accessible website," Bonny told The Verge.

Danny Sullivan, Google's public search liaison, tweeted: "Search engines like Google & others list pages from the open web. That's what's happening here. It's no different than any case where a site allows URLs to be publicly listed. We do offer tools allowing sites to block content being listed in our results."

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Agencies
July 10,2020

In a first, the Supreme Court on Friday allowed the service of summons and notices, a necessity in almost all legal proceedings, through instant messenger like WhatsApp as well as by e-mail and fax.

A bench headed by Chief Justice SA Bobde observed that it has been brought to the notice of the court that it is not feasible to visit post offices for service of notices, summons, and pleadings. The bench also comprising Justices AS Bopanna and R Subhash Reddy observed that notice and summons should be sent through e-mail on the same day along with instant message through WhatsApp and other phone messenger services.

The bench clarified that all methods should be deployed for a valid service on the party. "Two blue ticks would convey that the receiver has seen the notice," noted the bench.

The bench declined the request of the Attorney General for specifically naming WhatsApp as a mode of effectuating service. The top court noted that it would not be practical to specify only WhatsApp. The apex court also permitted RBI to extend the validity of cheques in the backdrop of lockdown to contain the coronavirus outbreak.

Senior advocate V Giri representing RBI informed the bench that he had circulated the note regarding validity of a cheque as directions issued on the previous hearing.

The bench noted that it will be in discretion of the RBI to issue orders which are suitable to alter the validity of the period of a cheque.

During an earlier hearing on the matter on July 7, the Attorney General contended before the top court that the Centre had some reservations in connection with the utilization of mobile applications like WhatsApp and other apps for service of summons. The Centre's top law officer informed the apex court that these apps claimed to be encrypted, and they were not trustworthy.

The RBI counsel had contended before the top court that it was considering clarifying the validity of a cheque which has been reduced to 3 months from 6 months.

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Agencies
June 27,2020

Mumbai, Jun 27: The Bombay High Court observed that COVID-19 patients from poor and indigent sections cannot be expected to produce documentary proof to avail subsidised or free treatment while getting admitted to hospitals.

The court on Friday was hearing a plea filed by seven residents of a slum rehabilitation building in Bandra, who had been charged ₹ 12.5 lakh by K J Somaiya Hospital for COVID-19 treatment between April 11 and April 28.

The bench of Justices Ramesh Dhanuka and Madhav Jamdar directed the hospital to deposit ₹10 lakh in the court.

The petitioners had borrowed money and managed to pay ₹10 lakh out of ₹12.5 lakh that the hospital had demanded, after threatening to halt their discharge if they failed to clear the bill, counsel Vivek Shukla informed the court.

According to the plea, the petitioners were also overcharged for PPE kits and unused services.

On June 13, the court had directed the state charity commissioner to probe if the hospital had reserved 20% beds for poor and indigent patients and provided free or subsidised treatment to them.

Last week, the joint charity commissioner had informed the court that although the hospital had reserved such beds, it had treated only three poor or indigent persons since the lockdown.

It was unfathomable that the hospital that claimed to have reserved 90 beds for poor and indigent patients had treated only three such persons during the pandemic, advocate Shukla said.

He further argued that COVID-19 patients, who are in distress, cannot be expected to produce income certificate and such documents as proof.

However, senior advocate Janak Dwarkadas, who represented the hospital, said the petitioners did not belong to economically weak or indigent categories and had not produced documents to prove the same.

A person who is suffering from a disease like COVID-19 cannot be expected to produce certificates from a tehsildar or social welfare officer before seeking admission in the hospital, the bench noted and asked the hospital to deposit ₹10 lakh in court within two weeks.

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