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Working in India is still okay, but if you can, plan your retirement somewhere outside India, because the country has been ranked last in the Natixis Global AssManagement's fourth annual <keyword id="3503702" type="UNKNOWN" weightage="100" keywordseo="Global-Retirement-Index">Global Retirement Index</keyword> (GRI). 
 
This makes India world's worst country for retirees. 
 
Talking of the top rankers, Switzerland, Norway and Iceland are among the top three countries where retirees have the best life; global power United States ranks 14th on the list. 
 
The list comprises of 43 nations, taking 34 from IMF's advanced economies, five from OECD and four from BRICS. Last year, the list had covered 150 countries, in which India ranked 88th. Even then, it was the worst-performing nation from BRICS. 
 
"In the health sub-index, India ranks last. India has a health index score of just 4%, the lowest score in any sub-index in this year's GRI," the report said. 
 
The objective behind this annual retirement index is to provide a global benchmark for retirees and future retirees so that they can evaluate and compare the suitability of various nations, and plan their retirement according to their expectations and needs. 
 
In 2014, India saw its elderly population crossing the 100 million mark, out of which half live below the poverty line. As per a report by HelpAge India, elderly Indians will be making up 20% of India's population by 2050. 
 
"India is last in the quality of Life sub-index with a score of 6%. India has the lowest score for air quality, happiness and water and sanitation and the second to last in biodiversity and habitat," the report added. 
 
<a href="https://upload.wikimedia.org/wikipedia/commons/f/fd/India_-_Varanasi_crazy_man_-_1055.jpg">Image source</a>

India ranks LAST in global retirement index

More and more Indians aged 45-plus want an early retirement. As per a survey conducted by HSBC, around 61 per cent working population in India aged 45 plus want to retire in the next five years. 
 
Majority of the respondents cited work pressure, which was variably affecting mental and physical health. 
 
Global bank HSBC's latest edition of 'The Future of Retirement Healthy New Beginnings study' revealed that 43 per cent would like to spend more time with their family, while others want to travel and pursue other interests. 
 
However, a whopping 59 per cent cited work related pressures and issues as the reason for wanting to retire. 
 "People worldwide are recognising that retirement can be an opportunity for reinvention and new beginnings. Yet financial barriers are preventing many people from retiring when they would like to - or, in some cases, at all. Almost one in five people fear that they will never be able to retire fully, so the need for sound <keyword id="25456" type="ORGANIZATION" weightage="20" keywordseo="financial-planning">financial planning</keyword> is stronger than ever," HSBC India Head of Retail Banking and Wealth Management S Ramakrishnan said. 
 
Also, financial constraints are the biggest reason for those unable to retire, an HSBC survey revealed. 
 
However, 14 per cent of them believe they will be unable to do so. Majority of them said they cannot retire as they would struggle financially. 
The findings of the study bring out an urgent need for Indians to begin saving early and planning well for their retirement, the survey said. 
On the global front, the survey of more than 18,000 people across 17 countries worldwide found that the desire to retire is the strongest in Argentina (78 per cent), France (77 per cent), China (75 per cent) and the UK (75 per cent). 
 
(Image: Thinkstock)

Majority of Indians over 45 years of age want to retire in next 5 years over health and work pressure

<ul><li>A huge decision by the Narendra Modi government to merge two ailing state-owned telecom operators.</li><li>MTNL will be merged with BSNL. It will take time and in the mean time, MTNL will act as a subsidiary of BSNL. </li><li>BSNL will raise ₹15,000 crore via sovereign-backed bonds as part of the revival plan.</li><li>Employees will be offered a voluntary retirement plan-- 125% of their salary for the remaining years until retirement.</li></ul>A huge decision by the Narendra Modi government to merge two ailing state-owned telecom operators. MTNL will be merged with BSNL. The process will take time and in the mean time, MTNL will act as a subsidiary of BSNL. BSNL will raise ₹15,000 crore via sovereign-backed bonds as part of the revival plan. This is likely to cause some anxiety among the over 2 lakh staff at the two companies. Employees will be offered a voluntary retirement plan-- 125% of their salary for the remaining years until retirement. "Neither BSNL and MTNL will be closed or sold or disinvested. We want to make it more competitive," Union Minister <keyword id="6354886" type="PERSON" weightage="20" keywordseo="Ravi-Shankar-Prasad">Ravi Shankar Prasad</keyword> said at a press conference today (October 23). "Other telcos spend 5% on human resources, BSNL and MTNL were spending 70% of their revenue on the same," Prasad said underscoring the importance of shedding manpower at the two companies. For example, if a 53-year old employee opts of voluntary retirement, he/she will get 125% of the salary for the next seven years until retirement. This won't be forced, it will be 'voluntary' retirement, Prasad explained. In addition, soveriegn bonds worth ₹15,000 crore will be raised and serviced by BSNL to get the resources needed to compete in a tough telecom market led by Mukesh Ambani-owned Reliance Jio, Sunil Mittal-led Airtel, and the Birla Group led Vodafone Idea. The government also plans to make BSNL sell its 4G spectrum for additional money. BSNL is saddled with a debt of ₹13,000 crore, and accumulated losses estimated at ₹14,000 crore. "These are strategic assets of India. You know that BSNL plays an important role when there are natural disasters in Nepal, Kashmir and other parts of India," Prasad said explaining why the Indian government wouldn't like to sell the two companies. SEE ALSO: <a href="https://www.businessinsider.in/unpaid-bsnl-employees-react-to-the-current-crisis/articleshow/71063961.cms" data-type="tilCustomLink" target="_blank">An unpaid BSNL employee believes the company will survive the current turmoil</a>

India decides to merge MTNL and BSNL and offer voluntary retirement to many of its employees

To ensure an adequate number of <keyword id="47674" type="General" weightage="20" keywordseo="pilots" source="Orion">pilots</keyword> for its expanding fleet size, Tata Group-owned <keyword id="2573" type="General" weightage="100" keywordseo="air-india" source="Orion">Air India</keyword> (AI) has decided to raise their retirement <keyword id="6378962" type="General" weightage="20" keywordseo="age" source="Orion">age</keyword> from 58 to 65. Considering future expansion plans for our fleet, it is imperative to meet our workforce requirement for pilots. DGCA ((Directorate General of <keyword id="6368649" type="General" weightage="50" keywordseo="civil-aviation" source="Orion">Civil Aviation</keyword>) allows pilots to fly till the age of 65 years, compared to Air India retirement age of 58 years. Allowing pilots to fly till the age of 65 is a practice followed by most airlines in the industry, said the airline's internal document issued on July 29. "To meet our requirement, it is proposed to retain our current trained pilots at Air India post-retirement on a contractual basis for 5 years extendable to 65 years," said S.D. Tripathi, AI's chief human resource officer (CHRO) in the document. According to AI's new policy, a panel comprising functional representatives of HR and operations &amp; flight safety will be constituted to examine the eligibility of pilots retiring in the next two years. The panel will be responsible for reviewing the past records of the pilots with respect to discipline, flight safety and vigilance. Post the review, the committee will recommend shortlisted names to the CHRO for issuing them post-retirement contract. As per the airline's policy, post-retirement contract will include a clause for annual review of the contract basis performance, conduct and flight safety record. On completion of five years of satisfactory service, a comprehensive examination of their performance will be considered for further extension till 65 years. This will be reviewed by the constituted committee, said the document. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/enterprise/news/top-10-hbo-new-releases-you-can-now-stream-on-amazon-prime/slidelist/93289550.cms">Top 10 HBO new releases you can now stream on Amazon Prime</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/indian-computer-emergency-response-team-identifies-multiple-threats-in-apples-macos-ios-and-ipados/articleshow/93290223.cms">Indian Computer Emergency Response Team identifies multiple threats in Apple’s macOS, iOS and iPadOS</a>

Air India to extend the flying age of its pilots to 65

<ul><li>A new report by <keyword id="6358584" type="UNKNOWN" weightage="20" keywordseo="HSBC">HSBC</keyword> shows that only 33% of <keyword id="3658" type="LOCATION" weightage="20" keywordseo="India">India</keyword> regularly save for their retirement.</li><li>As per the <keyword id="6866294" type="UNKNOWN" weightage="20" keywordseo="life-cycle-theory">life-cycle theory</keyword>, India’s saving rate should be much higher since most of its demographic dividend consists of working individuals. </li><li>While low financial literacy may be the primary factor for a low <keyword id="25450" type="ORGANIZATION" weightage="20" keywordseo="savings">savings</keyword> rate, there are larger shifts in India’s saving patterns that help explain why individuals aren’t saving as much as they should be.</li></ul>Lack of financial literacy has widened the gap between financial preparedness and financial risks in India. According to a report by HSBC titled <a href="https://www.livemint.com/Money/pwu91JKABBWNGOZDcul9lI/Only-33-Indians-save-regularly-for-retirement-HSBC-report.html">‘Future of Retirement: Bridging the Gap</a>’, only 33% of Indians save regularly for their retirement. And, the problem isn’t specific to India either. Even globally, only one-third of the working demographic has a financial plan in place for their future. The report cites low knowledge of how much is money is needed for retirement as the key reason behind why individuals prioritise their current expenditures over hedging for post-retirement expenses. While financial literacy definitely has a part to play, there are other underlying reasons and trends that have resulted in the current paradigm. India’s changing saving patterns The fundamental <a href="http://www.eiiff.com/savings/india/changing-pattern.html">trend</a> of savings in India has shifted from financial securities to savings in physical properties. Looking at historical data, this shift could be attributed to falling interest rates and rates of return. That being said, the increase in individual responsibility and life expectancy have led to a <a href="http://shodhganga.inflibnet.ac.in/bitstream/10603/37201/5/chapter3.pdf">drastic change</a> in the saving requirements for Indians over the past couple of years. One major factor of influence has been the transfer of risk from the government to employers and individuals. State-supported pensions have been cut from most sectors, making individuals responsible for their own financial security after retirement. In that shift, a lot of people are now unaware of their own financial risk and lack the knowledge of how to protect themselves against it. And, while there are a number of financial products and services in the market, the options have become so specialised and diverse that consumers are often uncertain about where to invest. The variety of instruments also adds to the decision-making process and the perceived risk attached. Innovations and the variety of <keyword id="563073" type="ORGANIZATION" weightage="20" keywordseo="financial-instruments">financial instruments</keyword> is only a boon if consumers understand how they work and what their benefits are. Diversification and specialisation also entail an increase in competition between financial institutions in the market. Where there are more avenues to save, there are also new avenues to borrow. Getting credit is easier and more attractive when conservative financial instruments yield a low rate of return that doesn’t necessarily keep up with the rate of inflation. According to the life-cycle theory, individuals save more during their working years. Initiatives like Project Financial Literacy, ABHAY, and Aflatoon are already underway, helmed by the Reserve Bank of India, public-sector banks, and NGOs respectively to improve financial literacy. But, considering that India’s median age is 27, the savings rate for retirement still needs to be higher than where it currently stands.

Here’s why only one-third of Indians are saving for their retirement

<ul><li>Bajaj Allianz Life India’s Life Goals Preparedness Survey 2019 was designed to get a complete picture of the Life Goals that drive Indians, their aspirations, their influences, their preparedness and how they are working towards achieving these goals. </li><li>Emergence of unconventional life goals marked the findings – entrepreneurship, focus on health and fitness, aim to travel more, and giving back to society – topped the list. </li><li>The insurance company’s new campaign thus aims to change the meaning of ‘retirement’ and encourage millennials to pursue their goals whenever they want to. </li></ul>There is a shift in the way Indians are planning their lives; from simply pursuing standardised milestones such as having children, throwing a lavish wedding, retiring at the age of 60, they are branching out to unconventional Life Goals that are individualistic in nature. In order to deepen its understanding of Life Goals in India, <keyword id="151079" type="COMPANY" weightage="20" keywordseo="Bajaj-Allianz-Life-Insurance">Bajaj Allianz Life Insurance</keyword> undertook a Life Goals Survey with Kantar IMRB to learn more about this age group and their goals. The study was conducted across 13 metros, Tier I and emerging Tier-II cities and over 150 life goals were mapped. Some of the new-age Life Goals that emerged include entrepreneurship, focus on healthcare and fitness, travel, life enrichment to strengthen or re-establish the connection with ‘self’, amongst others. These goals are also enabling Indians to move past their comfort zones, experiment with life – whether it’s taking that plunge or starting up or rekindling a long-lost passion. Indians are willing to invest time and money on these goals at their early age, which presents a huge opportunity for Life Insurance companies. These new, emerging Life Goals have the power to shape the choices, actions, emotions, and investment choices of Indians. The Bajaj Allianz Life India’s Life Goals Preparedness Survey 2019 was designed to get a complete picture of the life goals driving Indians, their aspirations, their influencers, their preparedness and how they are working towards achieving these goals. Bajaj Allianz Life has seen 60% of its traffic coming from millennials and after this survey, the brand is hoping to see more millennials resonating with it. Chandramohan Mehra, CMO, Bajaj Allianz Life Insurance, said, “Some of the early indicators including our website traffic, engagement on social media pages and inbound call traffic witnessed a significant share from millennials, validating the fact that millennials are inclined towards life insurance products for fulfilling their Life Goals. They have higher preference towards brands and products who they resonate with the most.” Emergence of Unconventional Life Goals in the Survey <ul><li>Becoming an entrepreneur in early 30s: A rising life goal of Indians is being an entrepreneur, where 1 in every 10 Indian wants to start something new or pursue a parallel career -- highlighting that new-age Indians are no longer playing it safe and are willing to put in an effort and take the risks</li></ul><ul><li>More focus on planning retirement: 2 in 5 Indians have retirement related life goals; more so in metros, where every 1 in 2 people have a retirement-related life goal. Amongst Indian millennials, retirement related life goals features in the top 5 life goals, and 42% millennials consider it as their life goal. More than 1 in 4 millennials in metros aspire to retire rich by growing their wealth</li></ul><ul><li>One in three respondents cited focus on health and fitness as a life goal -- being physically and mentally fit was amongst the top 10 life goals of Indians and 1 in 2 respondents seek a balanced life, which straddles work-life balance, reliving a passion and leading a peaceful life </li></ul><ul><li>Travel is catching-up as a part of the mainstream culture; 1 in 4 respondents want to travel abroad or travel to new exotic locations</li></ul><ul><li>Philanthropy is a new-age life goal that emerged as well, clearly showcasing that Indians are keen on creating social impact. 1 in 5 respondents said one of their life goals is the need to give back to society. Philanthropic avenues included providing employment opportunities, support another’s dream or imparting knowledge through teaching</li></ul>While there is a trend that new-age Indians want to pursue unconventional life goals, certain conventional goals continue to remain on India’s mind – these include children’s education, buying their own house, or owning a luxury car. The survey reveals that these conventional goals are typically influenced by family and social circles. Although Indians are dreaming big, they remain unsure of achieving 38% of their life goals. Interestingly, metros are more under-confident than non-metros. Metros cite 48% goals as ‘unsure of achieving’, as against 29% in non-metros, revealed the study. Mehra thinks that after this study, the entire financial ecosystem has a great role to play in bridging the gap between what Indians want, what they end up doing, and how they do it. “While Indians are optimistic, they are inadequately prepared to accomplish the majority of their life goals. One of the reasons for the lack of preparedness for 'me' goals, I guess, is from the social conditioning. The 'we' goals like child education continue to take priority over unconventional Life Goals like travel or fitness,” he expounded. “To address this challenge, the solution is to deepen the understanding of the consumer, aid simplification and build relevant engagement with the category,” he adds. Inspiration Behind these Goals The consumer research findings from Bajaj Allianz Life India’s Life Goal Preparedness Survey indicated that 1 in 5 Life Goals are influenced by social media. Unconventional Life Goals including travel and health related-goals are largely driven by social media. It was also found that the impact of social media is 20% higher for millennials than non-millennials, whereas the influence of movies is 50% higher for millennials than non-millennials. Changing the Company’s Positioning Bajaj Allianz also changed its positioning to a company that is young, approachable and solutions-enabler, and through its latest campaign, the brand is challenging the common meaning of ‘retirement.’ It unveiled a 360-degree campaign that breaks a stereotypical mind-set and focuses on driving home the message that retirement need not happen later in one’s career, but can happen anytime -- all they need is a bit of planning. <keyword id="527604" type="PERSON" weightage="100" keywordseo="early-retirement">Early Retirement</keyword> Goals can be achieved is the key message of the entire campaign. The young protagonist in the video reminds the audience that now is the best time to retire as he doesn’t want to wait for tomorrow. 
 
 
 
 
 
 
 
 
 
 
 <div type="Youtube" id="L_376gLtMoQ" title="Plan your #EarlyRetirement Life Goal with Bajaj Allianz Life" thumbUrl="https://i.ytimg.com/vi/L_376gLtMoQ/mqdefault.jpg"></div>























 Telling us why the company decided to change its product’s positioning and the aim behind their new campaign, Mehra said, “We always had different kinds of retirement plans but the challenge now was – how can you build an engaging conversation on a retirement category? Generally, the younger audience does not relate to ‘retirement’ as a word. However, the definition of retirement itself is changing. It is not about someone waiting till 58. Retirement doesn’t mean you have zero income -- it is more about people wanting to pursue their passion on their own terms. You can be a photographer, a chef, or an organic farmer. Second is being able to take care of your health and spending time with your family. Since consumers echoed these sentiments in the study, we wondered if we can position our products as Early Retirements Products. Therefore, we embarked on this campaign and our aim is to capture a sentiment that resonates with millennials.” End Goals After a year into the campaign, Bajaj Allianz aims to change the meaning of retirement, erase the stigma around it, come up with relevant solutions for millennials by eliminating the middlemen, and being the ‘authentic Life Goals enabler’ that millennials can feel home at. By executing this plan, it further aims to become the ‘undisputed leader’ of the industry. “We continue to grow at a rate higher than industry on the back of strong holistic business fundamentals. We aspire to become the undisputed leader amongst non-bank promoted company in both topline and profitability,” shares Mehra.

How Bajaj Allianz Life Insurance is building its brand based on evolving millennial mindsets

<ul class="summary-list"><li>Nupur Dave retired at 40 after working jobs at Google and startups.</li><li>She became part of the FIRE — financial independence, retire early — community.</li></ul><a target="_blank" href="https://www.nupurdave.in/">Nupur Dave</a> thought her decision to retire at age 40 in 2022 was an easy one.At the time, she was living in Bengaluru, India. She had worked at Google for 10 years in the company's Atlanta, Mountain View, and Bengaluru offices. In addition to that, she had worked for startups, was secure about her finances, and was confident a corporate 9-to-5 was no longer for her."I quit my job on a Friday," Dave told Business Insider."By Monday evening, I was just bawling," she continued. "I was crying my eyes out because I realized that I need to be with people."<h2>Coworking spaces weren't inspiring</h2><div type="image" title="Woman cooking at Google offices" height="460" width="613" msid="108123993" hostid="261"></div>Dave had her post-retirement life planned out: She would write her third book, hang out with her old colleagues, and network with founders and artists at coworking spaces.But the reality of retiring early turned out quite different.She quickly realized she would no longer have the same relationship with her former colleagues."The loneliness of the coworking space actually hit me when I physically went in there and sat down — it was completely empty," Dave said about her first day as a retiree.She spent the next few weeks "coworking-space hopping." While some of the coworking spaces she visited were sold out, some hardly saw any traffic because they were used as placeholders for companies that were largely remote, Dave said."I was not making friends, and I didn't feel inspired by the physical surroundings of the coworking space,'" she said.Too much independence was also scary."Even though people say, 'I like that I'm on my own terms,' sometimes being completely untethered is scary," Dave said about her retirement. "It felt like doing a space walk."<h2>Savings and financial independence</h2><div type="image" title="Woman standing in front of a financial services advertisement." height="3024" width="4032" msid="108124325" hostid="261"></div>By retiring at 40, Dave became part of the FIRE — financial independence, retire early — community.For her, the decision to retire early came from a place of financial security.Working in the US for 11 years allowed her to build savings that went a long way in India, where the <a target="_blank" href="https://data.oecd.org/conversion/purchasing-power-parities-ppp.htm">cost of living is lower</a>. Dave was earning about $100,000 a year in San Francisco when she left her job.Before retiring, she worked with a financial advisor to ensure her savings were enough to cover her expenses, and sales from her previous books and consultancy would help pay day-to-day bills. The critical part, however, was her location."The whole idea of FIREing was possible because I'm in India," Dave said. "There's no way I could have FIREd in the US.""Everything is much more doable in India, and you can still maintain a life of luxury," she added. Dave said she had a helper coming in to help with cooking and cleaning, which cost from $100 to $200 a month.<h2>Challenges of retiring early</h2>While Dave's problems with retired life were social in nature, some in the FIRE community chose to rejoin the corporate world for other reasons."Early retirement is not for everyone," a financial planner, <a target="_blank" href="https://www.businessinsider.com/personal-finance/important-things-consider-before-retiring-early-2022-5">Jovan Johnson</a>, previously wrote for BI. He wrote that those who plan to retire before the age of 60 would fall into the minority of workers, and those keen to pursue the lifestyle should have a clear sense of what they'd do in retirement, be aware that the lifestyle could be isolating, and create passive income streams to make their money last.Gwendolyn Merz previously told Business Insider that she <a target="_blank" href="https://www.businessinsider.com/fire-movement-quit-millennial-after-saving-over-half-income-2023-9">went back to her corporate job</a> nine months after retiring. For her, it was financial.Merz retired at 28 in northern Illinois after tracking her expenses and savings to the penny. But she ran into unanticipated problems soon into her retirement. She couldn't access parts of her savings that were tied to retirement accounts, she wasn't earning enough from her side hustles, and she was paying a lot more for health insurance.Michelle Jackson wrote for BI that she was once <a target="_blank" href="https://www.businessinsider.com/personal-finance/why-ditched-traditional-fire-movement-2021-6">enticed by the FIRE movement</a> but realized she didn't want to wait years to live her best life. She was in debt and was professionally exhausted, and it didn't make sense to invest more than 50% of her income.As for Dave, her early retirement lasted four months.Not long after retiring, she landed a role as the head of special projects at an electric-vehicle infrastructure firm in Bengaluru."I am in corporate right now, but my goals are different," Dave said. "It is not to build a career or make wealth out of this, but to see people every day and make sort of a predictable routine for myself."Are you part of the FIRE community in Asia? If you've got a story to share, get in touch with this reporter: sgoel@businessinsider.com.

An ex-Googler retired at age 40 on a Friday. By Monday, she regretted it.

<ul><li>The central government is working on a ₹ 740 billion bailout proposal for loss making state-owned firms BSNL and MTNL. </li><li>The proposal includes an exit package for the Voluntary Retirement Scheme (VRS), an additional 5% compensation, along with providing for the <keyword id="122479" type="COMPANY" weightage="20" keywordseo="4G">4G</keyword> spectrum and capital expenditure. </li><li>BSNL at an estimated loss of ₹138.04 billion is country’s biggest state-owned loss maker, while MTNL stands at third after <keyword id="2573" type="COMPANY" weightage="20" keywordseo="Air-India">Air India</keyword>, at ₹ 33.98 billion loss. </li></ul>The central government is working on a ₹ 740 billion bailout plan for <keyword id="57998" type="COMPANY" weightage="20" keywordseo="Bharat-Sanchar-Nigam-Limited">Bharat Sanchar Nigam Limited</keyword> (BSNL) and Mahanagar Telecom Nigam Limited (MTNL), the two state owned telecom companies, which are continuing on their decade long downtrend, <a href="https://timesofindia.indiatimes.com/business/india-business/government-proposes-rs-74000-crore-bailout-for-bsnl-mtnl/articleshow/70048935.cms">Times of India reported</a>. The proposed bailout plan includes an exit package for thousands of employees, which includes an additional 5% compensation as an ex-gratia amount for the Voluntary Retirement Scheme (VRS). The plan also provides for growth with amounts earmarked for 4G spectrum, and capital expenditure. Top loss makers BSNL and MTNL are among the country's biggest loss making state owned entities. The top spot went to BSNL which has an estimated loss is at ₹ 138.04 billion. The third spot is occupied by MTNL after Air India, as its losses are at ₹33.98 billion. MTNL provides telecom services in Mumbai and Delhi, while BSNL provides it in rest of the country. The ministry of telecommunications’s proposal seeks revival of both the firms from other ministries. In response, the Ministry of Finance had asked the Department of Telecommunications to rework the proposals. Competitive Strength One of the plans is for the government to modernise these state-owned firms, so that they can compete with the aggressive players in the market like Reliance Jio, Airtel and Vodafone Idea. If it is passed, the government will allot the 4G spectrum which is valued at ₹ 200 billion and the rollout cost which is ₹ 130 billion will be paid by the PSUs, as per reports. BSNL and MTNL have lost market share in the mobile services business and their Average Revenue per user (<a href="https://www.thehindubusinessline.com/opinion/columns/slate/all-you-wanted-to-know-about-arpu/article9562345.ece">ARPU</a>) is a meagre ₹38 compared to ₹70 of private telecom entities. This trend has continued in the last one decade owing to poor management, high staff cost, government’s unwanted intervention and the very slow rate of technology upgradation. Shutting down costlier The department of telecom had argued in favour of the bailout plan proposal, saying that shutting down the PSUs will cost the government ₹1.2 trillion. As a plan for divestment in these companies might be delayed due to stressed telecom market, they might now look at joint ventures as an option. The government is also considering bringing the retirement age from 60 to 58 to bring down the costs of companies and reduce their losses. SEE ALSO: <a href="https://www.businessinsider.in/the-fate-of-180000-bsnl-unpaid-employees-hangs-in-balance-as-fears-of-a-shutdown-loom-large/articleshow/69954923.cms">The fate of 180,000 BSNL unpaid employees hangs in balance as fears of a shutdown loom large</a>

BSNL and MTNL may shed flab and get 4G spectrum as a part of the proposed ₹740 billion bailout plan

<ul><li>The debt-ridden telecom operator Bharat Sanchar Nigam (BSNL) is yet to make outstanding payments worth ₹200 billion to vendors. </li><li>This has put 100,000 jobs in the domestic telecom sector in trouble. </li><li>The workforce — including the off-roll employees are now planning to protest outside the Department of Telecommunications (DoT) for delayed salaries. </li><li>The government’s plan to merge BSNL and MTNL comes with a voluntary retirement plan for employees. Under this, the company will give away 125% of the remaining salaries until retirement. </li></ul>The debt-ridden telecom operator Bharat Sanchar Nigam (BSNL) is to make outstanding payments worth ₹200 billion to vendors. This means another 100,000 jobs in the domestic telecom sector are in trouble. “This is an unfortunate situation. More than 1 lakh employees of domestic companies may be out of their job in the next few weeks if the government continues to ignore the financially-stressed industry,” Sandeep Aggarwal, chairman of Telecom Committee at PHD Chamber of Commerce &amp; Industry<a href="https://economictimes.indiatimes.com/industry/telecom/telecom-news/one-lakh-jobs-at-risk-as-vendors-struggle-to-get-rs-20000-crore-from-bsnl/articleshow/71903693.cms"> told </a>ET. The state-owned telco is now looking to reduce its operational costs. However, the unpaid dues left the workers and employees stranded. The telecom industry employs over 200,000 workers. In the last few months, BSNL has been paying salaries to its own 180,000 employees after a standard two-week delay. The workforce — including the off-roll employees are now planning to protest outside the Department of Telecommunications (DoT) for delayed salaries, ET <a href="https://economictimes.indiatimes.com/industry/telecom/telecom-news/one-lakh-jobs-at-risk-as-vendors-struggle-to-get-rs-20000-crore-from-bsnl/articleshow/71903693.cms">reported</a>. “The telecom department has diverted funds payable to industry to meet out BSNL staff wages but no concern is displayed for several thousands of those employed in the private sector,” Aggarwal added. The companies demanding recovery of the unpaid dues include Sterlite Technologies (STL), Vihaan Networks Limited (VNL) and Birla Cable Limited (BCL) amongst others. This includes payment of telecommunication kits and other services extended to the telcos BSNL and MTNL. Over <a href="https://www.developingtelecoms.com/telecom-business/vendor-news/8906-vendors-hit-by-bsnl-and-mtnl-non-payment.html">1,100 complaints</a> have been registered against the company for outstanding dues. This is one of the highest for any public sector entity. Last month, the Narendra Modi government decided to <a href="https://www.businessinsider.in/policy/news/bsnl-and-mtnl-will-be-merged-and-employees-will-be-offered-voluntary-retirement-as-part-of-revival/articleshow/71721917.cms">merge the two telcos</a> — BSNL and MTNL. While the merger will take some time to be implemented, MTNL will be considered as a subsidiary of BSNL. This also comes with a voluntary retirement plan for employees. Under this, the company will give the employees 125% of the salary of remaining years until retirement. It is also tightening costs by reducing its energy consumption by 15%. It is not just BSNL but all telcos are suffering from reduced income from data services, thanks to Jio’s predatory prices. Now, BSNL is looking to offer 4G services to keep up with the times. See also: <a href="https://www.businessinsider.in/policy/news/bsnl-and-mtnl-will-be-merged-and-employees-will-be-offered-voluntary-retirement-as-part-of-revival/articleshow/71721917.cms">India decides to merge MTNL and BSNL and offer voluntary retirement to many of its employees</a> <a href="https://www.businessinsider.in/business/startups/news/bsnl-and-mtnls-74000-cr-plan-involves-purchasing-4g-spectrum-fees-and-vrs/articleshow/71705375.cms">BSNL and MTNL's ₹74,000 cr plan involves purchasing 4G spectrum fees and VRS</a> <a href="https://www.businessinsider.in/bsnl-which-is-yet-to-pay-august-salaries-wants-to-give-an-attractive-retirement-package-to-80000-employees/articleshow/70988909.cms">BSNL which is yet to pay August salaries wants to give an attractive retirement package to 80,000 employees</a>

100,000 people working with BSNL vendors are likely to go empty handed

New Delhi, May 12 () Paytm Money on Tuesday said it has added National Pension System (NPS) to its app after approval from the Pension Fund Regulatory and Development Authority (PFRDA). "This new addition is expected to benefit investors by helping them save for their retirement while also enabling tax benefits," a statement said. In 2009, the 'All Citizen Model' in NPS was launched that allows any individual to enroll in NPS. Till date, 13 lakh investors have enrolled under the 'All Citizen Model', the statement said, adding that Paytm Money intends to increase this number manifold by enabling investments in NPS via a simple and quick digital investing experience. "In a country like India with its huge young working population, retirement planning needs to be simplified. We want to bring NPS investing to millions of Indians and help them build a retirement corpus. "It sits perfectly with our vision of democratising wealth management in India," Amit Nayyar, President (Financial Services) at Paytm, said. NPS, as an offering, also incentivises users to save additional taxes and hence, complements the wide range of existing tax-saver mutual funds on Paytm's platform, he added. The statement said Paytm Money will offer NPS with the choice to invest in tier 1 (Tax Saver scheme) and tier 2 (zero lock-in period scheme). Paytm Money has more than 5 million users. SR RVK

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