Chandigarh: Senior Citizens, especially so the Retirees Pensioners from different departments/ services, are bearing the brunt of an economic slowdown. The ever-reducing interest rates have shattered the earnings out of interest income. Having invested their lifetime terminal dues to earn size-able interest to add up to their meager pension, they are at a loss.
Although the government had announced a fixed deposit scheme for senior citizens but the rate of interest in not that attractive. Moreover, no senior citizen would like to Block money for a fixed period as envisaged in the scheme.
They are very anxious about the Security of Their money due ever increasing Cyber frauds on one hand and ever-decreasing interest rates depleting their savings on the other hand. Having invested their lifetime terminal dues to earn sizable interest to add up to their meager pension, they are at a loss.
In the absence of any Social Security in the country, they need money to meet their emergencies of Medical expenses which have gone very high. The premiums of Mediclaim Insurance Policies are also skyrocketed now topped up with GST @ 18% on the premiums that have added fuel to the fire.
Shouldn’t our pensions be Tax-Free when the MPs have their salaries and pensions tax-free? When the government has no scheme of Social Security, It will be a great gesture to make the pension income tax free. At the same time, they can do away with the GST on Mediclaim Insurance for the pensioners.