Senior Citizens are being squeezed by the Govt.
Instead of helping the senior citizens, the Government has an eye on the old age savings of the senior citizens, who are an easy prey as they honestly deposit their life’s savings in the Post Office, Banks or other Government guaranteed institutions. The Finance Minister of the day can easily have an access to the statistics of total deposits of the senior citizens in the country and then the finance experts decide how best to squeeze the savings of the senior citizens.
In many cases the senior citizens were investing their life’s savings in the Post Office Monthly Income Scheme @ 14% per annum interest payable monthly with 10% Bonus on expiry of 6 year term. This roughly meant 15% p.a.payable monthly. The Govt. slashed it to 13% in 1998 and then to 12%. The successive Finance Ministers had an eye on the savings of the old men and they silently picked the pocket of the senior citizens and no body said Ah! Oh! The helpless old men could not raise their voice against the decision of the Finance Ministers.
Not satisfied with this, the interest rates were further slashed to 9.5% in 2001. Now the rate is 8% per annum + no bonus. A senior citizen who deposits l Lac in the Bank was getting 14000 p.a. @ 14% i.e.Rs.1, 166 per month. Now today he gets 8,000 per annum i.e. Rs.666 per month. An unbearable loss of 1000 rupees per month! Apart from this the exemption of 12,000 rupees per annum under section 80 L stands abolished. Under these circumstances how will the senior citizens spend the rest of their life? Why after all the Government wants to squeeze the retirement benefits to fill the coffers of the rich.
The Govt. publicizes that they are giving additional interest of .5% to 1% to the senior citizens. Bravo! First you pick up the pocket of the old man and then make a bargain and settle for a lesser amount. From 1,666 p.m. to 666 per month is enough to make the heart of any senior citizen sink. The paradox is those Ministers who are planning and executing the anti-senior citizen policies are themselves senior citizens. Under the circumstances, who will raise a voice of descent against their policies? The old man has the right to live. It the fundamental right enshrined in the Constitution of India. Let the old men exercise their right happily. Is there any one will raise voice of descent against the anti-senior citizen policies of the Government of the day.(D.N.Barola)