Finshots Daily What raising the retirement age means for the economy
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Jan 16, 2025 Discover the intriguing effects of raising the retirement age on the economy. Explore how a major tech firm’s shift to 60 years can help retain seasoned talent while navigating workforce dynamics. Delve into India's demographic changes, where longer life expectancies meet lower fertility rates. Unpack the economic pros of keeping experienced workers and the challenges this poses for younger job seekers. It's a thought-provoking look at the balance of wisdom and opportunity in the labor market!
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Cognizant's Retirement Age Change
- Cognizant raised the retirement age for Indian employees from 58 to 60.
- This aims to retain experienced workers and address attrition, following other strategies like pay hikes.
Economic Impact of Raising Retirement Age
- Raising the retirement age could benefit companies by retaining talent.
- However, the impact on India's economy needs consideration.
Demographic Shifts and the Silver Dividend
- India's population growth is slowing, while life expectancy is increasing.
- This creates a 'silver dividend' opportunity to leverage an aging population.