Question
Many countries are considering to increase retirement age.
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Answer
- Generally, retirement age is 60 years in most of the countries. People of this age come under non-productive or dependent age group.
- In most of the countries life expectancy of population is increasing so old age population is increasing.
- Due to high number of old age population government has to spend more on pension, retirement benefits, medical facilities etc.
- Due to high life expectancy people can work for longer than just 60 years of age.
- Therefore, many countries are considering to increase retirement age.
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