India begins planning for a demographic crisis akin to that of China
India is facing impending demographic concerns due to declining fertility rates, which have already generated significant issues for other Asian superpowers like China and Japan. The Indian government is starting to prepare for an aging population, which may happen in the next ten or so years.
India has a lot of young people in its population, which might propel the country's economy to new heights. However, India also faces difficult future prospects, something China is already facing. A retired 60-year-old man's story became viral on Chinese social media a few months ago.
The policy of the corporation required Hao Pengfei to retire at the age of sixty. Regretfully, Hao's health deteriorated as a result of stress and financial uncertainty. He was barely able to make ends meet, even with part-time jobs as a hotel security guard and accountant to augment his pension.
Their financial difficulties were exacerbated by the fact that his wife had a chronic injury that prevented her from working. His story sparked a public controversy in which citizens questioned why the government hadn't given him his pension benefits. Hao's story serves as a reminder of the circumstances that older people often face. His story reflected the increasing number of elderly Chinese citizens who experience social exclusion and loneliness.
China's population of people 60 years of age or older increased from 280.04 million in 2022 to 296.97 million in 2023, or roughly 21.1% of the country's total population, according to various news reports. As the country ages quickly, there are widespread concerns that the pension system will not be able to keep up without significant reform.
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