Senior citizens need govt support for social security: SBI Ecowrap


    New Delhi, April 16 | With country’s population of old set to double over the next few decades, government should look to provide complete tax waiver on senior citizen savings scheme (SCSS) and help the elderly build some sort of social security, said the SBI Ecowrap report.

    According to the report, the share of India’s elder or senior citizen population is increasing from 8.6 per cent in 2011 to 15.9 per cent in 2041. This, the report said, will pose a huge challenge for policy making at social and economic levels and, therefore, it is necessary to build incentives around small savings schemes, which are most popular form of financial savings of households in India.

    The report, authored by SBI group chief economic advisor Soumya Kanti Ghosh, suggested complete tax waiver on SCSS to provide more money into the hands of senior citizens in the absence of any comprehensive social security scheme, like the ones existing in the West, for this section of the population.

    The interest on SCSS is fully taxable. The February 2020 outstanding under SCSS was Rs 73,725 crore. If the amount is given full tax rebate/up to a threshold level it will have nominal impact on the exchequer, the Ecowrap report said.

    The report said that interest rates offered on deposits in India are also demography agnostic (barring the separate rate for senior citizens). However, going forward, the report said, this approach should shift to an age- wise interest rate structure, with rates linked to long-term bank deposit rates till a certain age group, and offering a higher than market rate over that age group.

    “This could, in one go, serve the multiple purposes of ensuring a lower lending rate structure, adequate returns for senior citizens, lower interest expenditure and an alternative to floating rate deposits,” the Ecowrap report said.

    Furthering the cause for senior citizens for a wholesome financial security after the active service life, SBI Ecowrap has also suggested that the government should maintain parity in interest rates between organised sector/EPF and unorganised/PPF.

    It said that as small savings scheme (SSS) rates are adjusted in every quarter, the government should ideally remove the 15 year lock-in period for the PPF and give the investors the option to withdraw their money within a stipulated time.

    The report also brought about interning aspect of SSS. According to it, the post-office savings deposits are negatively correlated to per capita income while bank deposits are positively correlated with per capita income. This indicate that poor people are more reliant on post-offices for their savings and when the income increase they shift to bank deposits first and not to financial products.

    That’s why the proportion of post-office deposits in Maharashtra & Delhi, where per capita income is very high is only 60 per cent.

    Moreover, in states with low per capita income like West Bengal, Uttar Pradesh, Rajasthan and Bihar, the elderly population of 60+ has a clear preference to invest in post office saving deposits.

    Also, what has sparked this large interest in small savings. The report said this can be found after seeing the trend of last 20 years data on gross small savings collections. In this, a structural break is clearly visible in 2008-09. The share of different states in gross small saving collections were declining till the global financial crisis. However, post the financial crisis in 2008, there has been a significant jump in preference for post office savings. This jump is maximum in low income states like West Bengal and even in high income states like Maharashtra.

    Fourthly, the report said, the huge post-office collections in states like West Bengal and Uttar Pradesh and the preponderance of Kisan Vikas Patras (indicate the lack of financial literacy for the products like mutual funds, etc. particularly in West Bengal, sometimes the left of political ideology that everything that market does is bad in fact results in asymmetric results with poor people investing more in chit funds, etc. the live example of this is the Rs 20,000-30,000 crore Saradha scam. Most of the times these types of scams are also the product of political dispensation.

    “We believe the Government has taken the best decision of not changing the rates on small saving schemes as we are currently going through an unprecedented pandemic crisis,” said the Ecowrap report.

    Source: IANS

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    Social Media Expert And Founder Of Aapno Rajasthan Durgesh Dhaker Gives His Two Cents On Growing One's Reach Online

    Social Media Expert And Founder Of Aapno Rajasthan Durgesh Dhaker Gives His Two Cents On Growing One's Reach Online

    “Work and you’ll get what you need; work harder and you’ll get what you want”.

    The above-mentioned quote speaks volumes about the courage of those who have made substantial breakthroughs in their life with hardwork and dedication.

    One such committed individual who is preparing several notable names with their social media reach is Durgesh Dhaker. An agile and someone who keeps himself upbeat with the happenings in the country, Durgesh has acquired expertise in carving the social media strategies for various stalwarts. He is also the founder of Aapno Rajasthan

    facebook page with more than 1 million likes which he gain within very short time with his expertise.

    Coming from the beautiful city of Chittorgarh in the land of Rajasthan, Durgesh Dhaker is making his parents and fellows pride of his strides and success acquired through hustling with perseverance. His social media expertise enables him to give his top tips for growing one’s social media presence, it is as below-

    1-Create a network

    Social media comprises of a huge number of people who need to build their reach, subsequently, it turns into a fiercely cutthroat spot where every individual is attempting to draw in mass consideration, thus it is basic that we upgrade our activities to pick a specialty which suits our inclinations, it ought to be something that you are prepared to deal with for quite a while of your life.

    Zero in on making an intuitive substance that can be discovered when somebody looks for it, the most ideal approach to do is to is utilize significant hashtags on Facebook, Twitter, etc.

    2-Create steady, quality posts that are relatable

    Today, the web has enough data however we can help our supporters discover quality data that isn’t excess by posting relatable substance according to our niche, recall, forthright, valuable, and quality substance is as yet restricted on the web, consequently assuming you give individuals what they are searching for reliably, gradually and slowly, you will see considerable development in individuals who follow you.

    3-Social media showcasing/connecting websites

    Social media marketing is perhaps the most ideal approach to get ideal reach online, to see speedy outcomes, posting cool videos, and opinion on the latest happenings are some methods which can be deployed. If one has a website on their name or related to their field of work then those can be attached on social media profiles to promote them better.

    In a nutshell, we can conclude that, according to Durgesh Dhaker, the top way to grow your social media presence is by being relevant and consistent with the content that is suited to the tastes of your target audience, linking several web pages and blogs to boost traffic and last but not the least correct marketing of your content that can lead to conversions.


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