'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
March 18,2020

Thiruvananthapuram, Mar 18: To raise awareness about protective measures against coronavirus, Kerala Police released a dance video on the State Police Media Centre's Facebook page promoting the washing of hands, here on Tuesday.

In the video, the police officers were seen dancing to the tunes of Kalakkatha from the Malayalam action-drama thriller Ayyappanum Koshiyum while demonstrating the right technique for washing hands.

The video gained over 27,000 likes and over 2,400 comments and more than 33,000 netizens shared the video.

The video has received a positive response with users congratulating Kerala Police for the initiative.

"Congrats Kerala police media for this kind of initiative," one user commented on Facebook. Another user thanked the police in the comments section saying, "Super super thanks to KL (Kerala) police."

The number of people who have tested positive for the coronavirus in Kerala is 25.

The total number of confirmed COVID-19 cases in India has reached 147, including 122 Indians and 25 foreign nationals, said the Ministry of Health and Family Welfare earlier today.

Globally, the virus has infected more than 184,000 people and killed more than 7500, as per the data available on the World Health Organisation website.

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Agencies
July 9,2020

Twitter has hinted that it is planning a paid subscription platform that can be reused by other teams in the future.

The news that the micro-blogging platform is building a subscription platform with a team codenamed "Gryphon" resulted in Twitter stock rising over 8% on Wednesday.

Twitter revealed its plan via a job listing that seeks a full-stack senior software engineer in New York to join "Gryphon".

Interestingly, Twitter "edited" the job listing once the news broke, removing the part about "Gryphon" and any mention of their internal team or their subscription feature. The listing said the company is looking for an Android engineer to "work on a bevy of backend engineering teams to build components that allow for experimentation to deliver the best experience possible to all of our users".

Later, Twitter users noticed that the company restored the earlier job listing that mentioned the upcoming subscription platform and "Gryphon".

A spokesperson for Twitter told CNN on Wednesday that it's only a job posting, not a product announcement.

This is not the first time Twitter has thought of a paid product. 

In 2017, it sent out a survey to users and a preview of what a premium offering of its TweetDeck app might look like, including breaking news alerts and more analytics, according to The Verge.

"We're conducting this survey to assess the interest in a new, more enhanced version of Tweetdeck. We regularly conduct user research to gather feedback about people's Twitter experience and to better inform our product investment decisions, and we're exploring several ways to make TweetDeck even more valuable for professionals," a Twitter spokesperson had said at that time.

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Agencies
March 8,2020

Consumer watchdog Which? has claimed that more than one billion Android phones and tablets are vulnerable to hackers as they no longer supported by security updates.

According to the research report, the most at-risk phones are any that run Android 4 or older and those smartphones running Android 7.0 which can not be updated are also at risk.

Based on data from Google analysed by Which?, two in five android device users around the world are no longer receiving the important updates. Currently, those devices are unlikely to have issues, but the lack of security leaves them open to attack.

"It is very concerning that expensive Android devices have such a short shelf life before they lose security support, leaving millions of users at risk of serious consequences if they fall victim to hackers," Kate Bevan editor Which? said in a statement.

"Google and phone manufacturers need to be upfront about security updates with clear information about how long they will last and what customers should do when they run out. The government must also push ahead with planned legislation to ensure manufacturers are far more transparent about security updates for smart devices and their impact on consumers," Kate added.

Android phone released around 2012 or earlier, including popular models like the Samsung Galaxy S3 and Sony Xperia S, are particularly at risk to hackers.

Which? has made suggestions to Android users on what to consider if they have an older phone that may be at risk.

Any Android device which is more than two years old, check whether it can be updated to a newer version of the operating system. If it is on an earlier version than Android 7.0 Nougat, try to update via Settings> System>Advanced System update.

In case a user is not able tto update the phone, the device could be at risk of being hacked if it is running a version of Android 4 or lower.

A user also need to be careful about downloading apps outside the Google Play store and should also install a mobile anti-virus via an app.

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