The Union Budget for 2024 is just around the corner. Through this article, I wish to place before Finance Minister Mrs. Nirmala Sitharaman eleven suggestions aimed at providing greater support to senior citizens.
As time passes, we continue to grow older. Before we realize it, childhood disappears, youth slips away, and one day we find ourselves standing at that stage of life from where there is no turning back.
Every individual must eventually pass through this phase. The true victory lies in living this stage of life with dignity, peace, and fulfillment. For this, one must pay special attention to health. Regular exercise, yoga, walking, spending time in fresh air away from pollution, enjoying companionship with friends, and maintaining a positive mindset are all essential habits that should become part of our lives from today itself.
Another equally important aspect that deserves serious attention is the financial condition of senior citizens. At this stage of life, it is not always possible to continue working and earning sufficiently. The quality of one’s later years depends largely upon the savings accumulated earlier, the pension one receives, or the support available from children and family.
A deeply disturbing report was recently released by HelpAge India, a well-known voluntary organization, after conducting a nationwide survey.
The report revealed a shocking reality: one out of every three elderly respondents stated that they had no income during the previous year. Around 31% of respondents in the age group of 60–69 years, 36% in the 70–79 age group, and 37% among those aged 80 and above reported having “no income” in the last year.
The time has now come for society and government alike to take bold and meaningful decisions for the welfare of senior citizens. We must especially think about those elderly people who belong to the lower middle class and middle class, as they often face silent financial struggles.
With Budget 2024 approaching, here are my eleven suggestions for supporting senior citizens in a more meaningful way:
1. Minimum Retirement Support Fund
Senior citizens should be provided with a minimum retirement support fund to ensure dignified living during old age.
2. Special Financial Package for Seniors
A dedicated financial package should be allocated specifically for senior citizens.
3. Health-Related Support
Healthcare expenses rise significantly during old age. Therefore, the following measures deserve urgent consideration:
- GST on mediclaim insurance and life insurance premiums should be reduced to zero.
- Mediclaim premiums for senior citizens should be substantially lowered.
- Healthcare maintenance expenses should be allowed as deductible expenses under income tax provisions.
4. Higher Interest on Fixed Deposits
Interest rates on fixed deposits should be increased for senior citizens, as fixed deposits remain their most trusted and secure investment option.
5. Greater Tax Benefits on Donations
At present, under Section 80G of the Income Tax Act, donations to charitable organizations qualify for a 50% tax deduction. For senior citizens, this deduction should be increased to 100%.
6. Higher Basic Tax Exemption Limit
Under the old tax regime, the non-taxable income limit for senior citizens should be increased from ₹3 lakh to ₹4.5 lakh.
7. Enhanced Deduction Under Section 80TTB
The deduction available on interest income under Section 80TTB should be increased from ₹50,000 to ₹1,00,000 for senior citizens.
8. Pension Scheme Linked to Tax Contributions
A special pension scheme should be created for tax-paying citizens, where a fixed portion of taxes paid during working years can later contribute toward pension benefits. This is important because many individuals do not possess adequate savings during their final years.
9. Affordable Housing Scheme for Seniors
A dedicated affordable housing scheme should be introduced specifically for senior citizens.
10. Tax-Free Reverse Mortgage Annuity
The annuity received by senior citizens under reverse mortgage schemes should be made completely tax-free.
11. Capital Gains Tax Relief
Senior citizens should receive greater relief in capital gains tax, especially when selling residential homes. The exemption limit should also be increased.
Old age is not merely a personal journey; it is a social responsibility. Every young person of today is a senior citizen of tomorrow. Policies created today for the elderly are, in reality, investments in our own future.
A compassionate society is not judged by how it treats its strongest members, but by how it cares for those who have already spent their lives building it.
Author
The author is the founder of the Never Say Retire mission. In order to achieve this goal, he also runs this website and his Facebook group Never Say Retire Forum has Hundreds and Thousands of members today.
