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Savings schemes

Updated May 20, 2017

DESPITE several pleas by hard-pressed pensioners and senior citizens for revising the slashed profit rate of Bahbood and pensioners scheme at National Savings, the lawmakers have not paid any heed.

I recently researched about what other nations are doing for the benefit of their senior citizens. To my surprise, I found many small countries with less GDP are doing much better than several advanced countries regarding benefits for senior citizen and pensioners.

Denmark ranks at the top among the countries which support their pensioners with a benchmark ranking of 81.7 followed by the Netherlands, Australia, Sweden, Finland and Canada.

In this part of the world, Singapore, which is one-fifth of Karachi, ranks 10th with the index ranking of 64.7. Even Indonesia and India stand within 25 in benchmark.

Mexico gives unprecedented support to the welfare of their senior citizens. It offers 50pc discount on a wide range of everyday goods and services to senior citizens. In addition, even the expat senior citizens at least of the age of 60 years are allowed equal benefits just like their own citizens.

Sadly in the benchmark Pakistan ranks among the most corrupt countries in the world and Karachi among the worst cities. Thanks God , there is no benchmark for prime ministers.

The president, prime minister, all lawmakers should look into issue and bring back the profits rates of Bahbood and pensioners savings schemes to their original rate.

Lt-Cdr (r) Jawaid Mannan

Karachi

Published in Dawn, May 20th, 2017