'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
June 9,2020

New Zealand's research institute in Antarctica is scaling back the number of projects planned for the upcoming season, in an effort to keep the continent free of coronavirus, it was reported on Tuesday.

The government agency, Antarctica New Zealand, told the BBC on Tuesday that it was dropping 23 of the 36 research projects.

Only long-term science monitoring, essential operational activity and planned maintenance will go ahead.

The upcoming research season runs from October to March.

"As COVID-19 sweeps the planet, only one continent remains untouched and (we) are focused on keeping it that way," Antarctica New Zealand told the BBC.

The organisation's chief executive Sarah Williamson said the travel limits and a strict managed isolation plan were the key factors for keeping Scott Base - New Zealand's research facility - virus free.

"Antarctica New Zealand is committed to maintaining and enhancing the quality of New Zealand's Antarctic scientific research. However, current circumstances dictate that our ability to support science is extremely limited this season" she said.

Earlier in April, Australia announced that it would scale back its activity in the 2020-21 summer season.

This included decreasing operational capacity and delaying work on some major projects.

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Agencies
April 17,2020

New Delhi, Apr 17: The Indian Railways turned 167 years old on Thursday and for the first time ever, its trains did not carry any passengers on its birthday and instead stood idle in the yards waiting for the nationwide lockdown to end.

On this day 167 years ago, the wheels of the first passenger train in the country from Mumbai to Thane started rolling.

In 1974, Indians experienced life without trains for the first time. In May 1974 during the strike of the railways that lasted for around three weeks, drivers, station masters, guards, track staff and many others went on 'chakka jam' demanding fixed working hours for train drivers and an across-the-board pay hike.

"I can recall those times vividly. I remember that our leader George Fernandes had almost secured a deal with the then railway minister, but it fell through when it was taken to the then Prime Minister Indira Gandhi," All India Railwaymens Federation General Secretary Shiv Gopal Mishra, who was an apprentice in the railways at that time, told PTI.

"Fernandes was arrested in Lucknow. The workers went through a lot at that time. But those were days that angry workers had refused to give in and took great risks to get their demands met," he said.

However, just like this time, four decades ago too freight trains carrying essential supplies were run and the unions agreed to let some passenger trains run on the trunk routes like the Kalka Mail from Howrah to Delhi.

"Never ever in its history, there has been such a long interruption of services. Not during the World Wars, not during the 1974 railway strike, or any other national calamity or natural disaster," a railway spokesperson said.

The first Indian Railways passenger train was flagged off on April 16, 1853, from Mumbai to nearby Thane.

On Thursday, the Railway Ministry wished the railways a happy birthday on Twitter - "Today, 167 years ago with the zeal of 'never to stop' the wheels of the first passenger train from Mumbai to Thane started rolling. For the first time, passenger services are stopped for your safety. Stay indoors & make the nation victorious," it said.

Railway has suspended all passenger services since March 25 till May 3 due to the coronavirus outbreak. Around 15,523 trains run by the railways have been affected including 9,000 passenger trains and 3,000 mail express services which are run daily. It caters to over 20 million passengers every day.

According to the Union health ministry, the death toll due to coronavirus rose to 414 and the number of cases to 12,380 in the country on Thursday.

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Agencies
July 2,2020

Paris, Jul 2: Several interacting exoplanets have already been spotted by satellites. But a new breakthrough has been achieved with, for the first time, the detection directly from the ground of an extrasolar system of this type.

An international collaboration including CNRS researchers has discovered an unusual planetary system, dubbed WASP-148, using the French instrument SOPHIE at the Observatoire de Haute-Provence (CNRS/Aix-Marseille Universite).

The scientists analysed the star's motion and concluded that it hosted two planets, WASP-148b and WASP-148c. The observations showed that the two planets were strongly interacting, which was confirmed from other data.

Whereas the first planet, WASP-148b, orbits its star in nearly nine days, the second one, WASP-148c, takes four times longer. This ratio between the orbital periods implies that the WASP-148 system is close to resonance, meaning that there is enhanced gravitational interaction between the two planets. And it turns out that the astronomers did indeed detect variations in the orbital periods of the planets.

While a single planet, uninfluenced by a second one, would move with a constant period, WASP-148b and WASP-148c undergo acceleration and deceleration that provides evidence of their interaction.

The study will shortly be published in the journal Astronomy & Astrophysics.

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