To address the socio-economic issues being posed by a fast ageing population, Geojit Financial Services had organised a seminar here in association with HDFC Asset Management Company.

In his inaugural address, TK Jose, Additional Chief Secretary, Kerala said, “The geriatric care provides an opportunity to foster the State’s development provided we prepare a proper action plan to address this issue.”

CJ George, Managing Director, Geojit Financial Services said, “Kerala is fast aging and will become a society of aged by 2060. This is a matter of grave concern. To ensure a smooth and secure life after superannuation, people should ideally start their retirement planning at least 30 years in advance”.

Jacob John Kattakayam, Professor Emeritus of University of Kerala, and Vice-President– Research Committee on Ageing of the International Sociology Association said, “India’s social security is very weak. To change this, the Government should allocate more resources to spruce up the social security system on par with the developed nations. Also, we need to activate and engage senior citizens in these efforts.”

The 60 plus population in Kerala was 5.1 per cent of the total population in 1961 and was lower than the national average of 5.6 per cent. By 2011, almost 13 per cent of the State’s population had crossed 60 years.

According to a 2013 study the State's elderly population is growing at a perpetual rate of 2.3 per cent. This is bound to cause greater emotional and economic strain among the working population.

The issue was complicated by the fact there is only limited support from the government for non-pensionable sector resulting in increased dependence on the family for care and financial support.