Silver economy
- The Silver Economy is dedicated to the elderly in our societies. As its name suggests, the Silver Economy is not a “market” but a cross “economy”.
- The population ageing process is real and impacts every market and industry, such as: home accommodation, transport, food industry, insurance, robotics, health and e-health, , communications, Internet, sports and leisure.
- All these markets are already adapting to ageing process.
- The sectors covered include, among others, structures for the elderly, personal services, home help, housing, communication, transport, safety, leisure, hygiene, travel, Mutual insurances, provident institutions and insurers.
Concerns:
- The rapid growth in the senior population is transforming societies across the globe.
- Globally, the proportion of people over 65 years of age was 10 percent in 2012 but it is expected to jump to 22 percent by 2050, according to estimates by the World Economic Forum.
- In OECD countries, the ratio is projected to increase, on average, from 23 percent in 2011 to 35 percent in 2030.
- In India, the elderly population is expected to triple from 104 million in 2011 to 300 million in 2050, accounting for 18 percent of the total population in 2050.
steps taken for senior citizens:
Draft National Policy for Senior Citizens 2020: The Draft National Policy for Senior Citizens 2020, which seeks to create a strong silver economy that caters to the new and evolving needs of seniors in the country.
Decade of Healthy Ageing (2020-2030) campaign: Besides, the government recently launched the Decade of Healthy Ageing (2020-2030) campaign to offer support to seniors and ensure easy access to age-specific products and services for them.
Senior Citizens Saving Scheme (SCSS): This is a government-backed savings instrument offered to Indian residents above the age of 60.
Pradhan Mantri Vaya Vandana Yojana (PMVVY): The scheme is managed by the Life Insurance Corporation of India (LIC).Under this scheme the beneficiary is assured of 8 per cent per annum return on the deposit.
Varishta Pension Bima Yojana: Launched by the LIC, this scheme provides its beneficiaries with a steady 8 per cent per annum interest rate for a period of 10 years.
Rashtriya Vayoshri Yojana (RVY): Launched in 2017 by the Ministry of Social Justice & Empowerment of Government of India. This scheme is only available to those senior citizens who are below poverty line, that is, are BPL cardholders.
Indira Gandhi National Old Age Pension Scheme: Introduced in 2007 by the Ministry of Rural Development of India, this scheme is popularly known as National Old Age Pension Scheme (NOAPS).
Pradhan Mantri Jan Arogya Yojana: This scheme was launched in 2018 by the Ministry of Health and Family Welfare for covering up to 10 crore people belonging to poor and vulnerable families.
Under this scheme, coverage of up to Rs. 5 lakhs per family for secondary and tertiary hospitalization is provided. With a broad spectrum of schemes launched by the Government of India, benefitting senior citizens belonging to various classes, planning for your health, and other related expenses has become easier.
Vayoshreshtha Samman: This scheme focuses on those seniors who have made significant contributions in their disciplines and recognizes their efforts.
It was upgraded to the National Award in 2013, and since then, awards have been granted under thirteen catogaries.
It was upgraded to the National Award in 2013, and since then, awards have been granted under thirteen catogaries.
