EPFO calls for increasing retirement age to ease pressure on pension funds

The EPFO has almost 60 million subscribers and it has a cumulative pension and provident fund corpus of more than Rs 12 trillion

By 2047, India is expected to become an ageing society as around 140 million people are estimated to be above the age of 60 years. This can put immense pressure on the pension funds in the nations. The Employees' Provident Fund Organisation (EPFO), in its Vision 2047 document, has vouched for increasing the retirement age in the nation, and aligning it with life expectancy to ensure the viability of the pension system in India and provide adequate retirement benefits, reported The Economic Times on Monday.

The EPFO in its document said, "Increasing the retirement age, going forward, could be considered