CII calls for improving productivity of retired workforce, health insurance for all

The world’s elderly population is the fastest growing segment, with more than 60 people accounting for 11.5 percent of the world’s population. It is estimated that by 2050, the population over the age of 60 will increase by 22%, surpassing the population under the age of 15. Due to the rapid changes in global demographics, the demand for elderly care services is skyrocketing.

For developing countries like India, the rapidly growing elderly population can put increasing socio-economic pressure on a variety of socio-economic aspects such as pension spending, health care, financial discipline and savings levels. This segment of the population has been of great concern to policy makers over the last two decades as it faces multiple medical and psychological problems.

Against this backdrop, CII held the 4th Senior Care Conclave on demographic changes, financing, improved liquidity, growing voices and concerns of the elderly, and convergence within the industry. We talked about our concerns.

R Subrahmanyam, Vice-Minister of Social Justice and Empowerment, said: This paradox can be resolved by creating a fund that can give a certain percentage of the fund for elderly care from these outcomes of economic growth. ”

Looking at this segment as a whole, the private sector needs to take the lead and the government needs to act as a catalyst. This is a very good business opportunity and many areas of the industry are in control. With the emergence of PPP mode, governments are more prepared to work with the industry than ever before. From the government side, we did some things:

• The government has shifted its focus from the creation of the system to the community.

• Holy portal

• Senior Care Aging Growth Engine (SAGE): Identify innovations that make the lives of older people easier, happier, and more fulfilling.

• Another entity that helps raise CSR funding to the sector

• Identify trained elderly caregivers.

Many states in India are undergoing demographic transitions, and protecting the welfare of older people is the responsibility of government, youth, and society as a whole, said Dr. Deepaprasad, United Nations Population Fund Chief Program and Technical Support. increase. ..

As it is essential to be aware of the many vulnerabilities faced by older people, such as income and health-related aspects, the industry today needs to make wise investments in the older segment. She added, “There is great potential for investing in the following areas: Leveraging the productivity of older workers, paying more attention to health insurance, building a care economy and human capital for geriatric medicine. We will focus on the construction of. “

Rema Mohan, CEO of the NSE Foundation, says that skills, health and education are all intertwined with improved care for the elderly. These three areas are the basic major drivers associated with the elderly. We need to tackle the three areas of skills, health and education while working on aging and raising awareness. This requires targeted and unique intervention, as no one works for strategies of all sizes.

Mathew Cherian, Aging Global Ambassador at HelpAge International, said: Solitude will be a phenomenon, and these “empty nests” are areas we must work on to increase longevity.

The rise of NCDs and the crisis of COVID have highlighted the problem of comorbidity. He added, “We found that hypertension, heart problems, dementia, and kidney problems are on the rise. Therefore, we need to focus on providing medical care in all 747 districts of the country.”

Another focus is the increasing use of digitalization and technology in elderly care. Older people have no access to digital technology or lack digital literacy, so they need to focus on digital literacy.

In the next 20 to 30 years, India will face two serious problems. Atara Senior Living Limited’s CII Senior Care Committee CEO and MD Chairman Ragit Mefta talks about a large population base and a large senior population base. “India’s senior population is currently 8% and is expected to reach 18% by 2050. It is imperative to take care to strengthen the elderly care ecosystem.” From a point of view, he added, it is a market of $ 10-12 billion.

Release date: Saturday, February 12, 2022 1:10 pm IST