social security

The developed world is worried about its aging population primarily because there is a mismatch between the size of people growing old and those that are newly born. In a typical economic terminology, the death rate has fallen sharply and the birth rate is stagnating. The aging population exceeds those that are entering the job market. This development has serious implications; one of the most damaging among them is that, this seriously jeopardizes the social security mechanism. As a result, those governments are worried about the sustainability of those schemes. This means that in some years to come, they will have to find alternatives to support themselves in old age. This problem becomes chronic with the increased life expectancy. We in India are yet to enjoy the benefits of social security mechanism (wherein the state takes care of all your needs in old age). We to a large extent still depend on our family to take care of us. Interestingly, most of the soaps shown on the TV display joint family structure wherein they show three or perhaps four generations staying together.