While surfing social networking platform G+, today I stumbled across some really interesting piece of statistical data on Ken’s page with regards to crucial trends in finance for Indian and overseas market.
One such aspect, the ‘Retirement Age’, is widely analyzed in the world of finance – as most of the goals in lieu of an individual’s investment decisions are based on this crucial viewpoint; whereas, for organizations, it has cascading effects on their employment plans and post-retirement benefits.
In India, while the qualifying age for Senior citizens has been reduced from 65 years to 60 years during the Budget 2011-12, the government now seems to be in mood to extend the retirement age of all central government employees by two years – from 60 years to 62 years – in order to reduce burden on the fiscal by the said deferment.
Longest Wait for Retirement
The above graph shows how many years an average 24-year-old worker can expect to work until retirement at the current average retirement age – in short, the waiting period for retirement age to be reached by a worker in mid-twenties.
While a young Indian has to wait for 39-years to reach retirement age, it is much lesser than his counterpart in Tokyo (44 years) and Washington (43 years). Surprisingly, the citizens of Greece, which is brewing under debt troubles, have to toil for only 36-years to reach their peak working period.
Next contentious issue is ‘Paid Leave’ – without clubbing it with federally declared paid holidays in the final calculations. The purpose of paid leave is to grant freedom to employees to leave upon request in order to have necessary rest and recuperation of energy, to spend the quality time with near-and-dear ones or make provision for emergencies in life.
Classic examples of paid leave include vacation time, sick leave, bereavement leave and maternity leave amongst others. However, most companies define what kind of familial relationship is required in case of claiming bereavement leave.
Most Paid Leave
From interviews with embassy representatives of various countries, Indian employees get 12 days of paid leave, as compared to the highest proportion of 25 paid off days enjoyed by its counterparts in Sweden. On the other hand, Chinese employees get to claim only 5 days of paid leave based on their stricter job standards.
In my opinion, we should take the data on paid leave in India with a pinch of salt – as we all know the number of public holidays out of festivities is more than overwhelming in number, as compared to any other country.
For instance, the calendar year 2012 will bring in almost 20 public holidays in India, whereas Chinese and Americans will barely be able to claim half that number of publicly off days during the year.
Having said that, one another survey had rated India as 7th most hard-working nation of the world, in terms of its full-time workers using their allotted paid holidays.