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8/2/2019 Expenses of Retired Employees
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EXPENSES OF RETIRED EMPLOYEES
ROLL NO 35
TO BE SUBMITTED TO
MRS SB ARYA
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WHO ARE RETIRED EMPLOYEES
Retired employees are those employees who areabove the age of 65 years and are not workinganywhere.
India has a lot of population of retired employeesand senior citizens
Retired employees are divided into three incomelevels
5000-10000(low income group) 11000-20000(middle income group)
21000-30000(high income group)
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TYPES OF RETIRED EMPLOYEES
Military
Police
Professors Watchmen
Bank Employees
BMC Employees
Others
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EXPENSES OF RETIRED EMPLOYEES
Clothing
Medicine
Household
Insurance
Travelling Occasional Expense
Household Expenditure
Food
Pilgrimage
Entertainment Income Tax
Savings
Personnel
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Clothing Expenditures
Retired employees spend only 10 percent oftheir income on clothing.
The people within income range 5000-10000spend 2percent of their expenses on clotheswhile the income employees in the incomegroup spend 3%of their income on clothing
and the high earning group spends 5% onclothing as retired employees are notconcerned about brands
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Medical Expenses
Medical Expenses constitute a major chunk of
the expenses of retired employees .The
following is the division of medical expenses
In my research I found that all the retired
employees I surveyed spend 50 % of their
income on medicinal expenses as most of
them are affected by some or the other
disease
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Household Expenses
Household Expenses include :
a) Payment of electricity bill
b) Payment of maidsc) Payment for vegetables ,fruits
In my research I found that household
expenses constitute a major expense for allthe employees.
Overall it constitutes 2% total expenditure
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Food Expenses
Food expenses constituted 15% of theexpenses of all employees which I surveyedfor my research.
Most of the employees spent most of their15% income on home made food but they didspend occasionally on eating food outsidehome which cost about 10 % of their expenseson food for the high income group and 5% forthe middle and low income group.
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Travelling Expenses
Pilgrimage expenses constitutes most of the
travelling expenses of employees. Overall it
constitutes 3% of the expenses while
travelling constitutes 2%.
I found that high income group spend a bit
more on travelling(pilgrimage) than the rest of
the employee groups
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Other Expenses
The following are the other expenses of retired employees
A)Dream Expense
Dream expense is that expense which retired employees incur
to fulfill their dreams which were left unfulfilledfor example
Many tasks are there which elder people forgive for the sake of
their children. This expense only contributes 0.5%of
expenses incurred.B)Occasional Expense
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OTHER EXPENSES CONT
Occasional expenses are those expenses which areincurred occasionally :
a)gift to granddaughter
b)gifts to grandson ,daughter in law ,any otherexpense which may be incurred .This expenseincludes 1%of total expenditure incurred.
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Other Expenses
Continued
4)Old Age Home Expenditure
As you people know nowadays most people
leave their parents at old age homes due to work
pressures ,pressure from their wives and manyother reasons known to them .The retiredemployees I surveyed didnt want to go to old agehomes as they would have to spend 3000 rupees
per month which they cant afford and also theydidnt want to go their as they would not becomfortable over there.
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Other Expenses
5)Car Expenditure
Nowadays many old people want to have theirown cars and as you all the petrol prices have
been rising thus it effects their expenses
6)Education Expenses
Some of the retired employees want to
complete their education which they leftuncompleted due to some unavoidablecircumstances
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CONT
For example
I interviewed a watchman who was 75 years
of age who had completed education only upto the 10th standard earlier and was now
doing 12th privately after retirement
7) Insurance Expenses
Insurance expenses play a major part of the
expenses of retired employees
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INSURANCE POLICIES
The following are the types of insurancepolicies brought by them
A)Life insurance policy
As there is no guarantee of the amount of time aretired employee will live, therefore lifeinsurance is a major consideration for retired
employees. The premium for retiredemployees is much higher than the restbecause of their age
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QUESTIONAIRE USED
Name: Gender:
Age: Occupation:
Q1)W
here is your expenditure the most ??a)Clothing b)Medicine c)Household Expenditure
d) Travelling
Q2)W
hat percentage of your income is used for thefollowing expenditures??
a)Medicines b) Travelling c) Household d)Clothing
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QUESTIONAIRE CONTD
Q3) Did you have to pay any bribe to get yourpension??
a)Yes b)No
Q4)What is the amount of pension which youreceive fro the govt??
a)10000-15000 b)15000-20000 c) 20000 and
aboveQ5)What is the amount of bribe you paid if yes
to get the pension
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QUESTIONAIRE CONTD
a)500-1000 b) 1000-2000 c) 2000 and above
Q5)Does the pension suffice to cover your expenses ??
a)Yes b)No
Q6)Do you have a life insurance policy ??If yes then what %ofyour income is spent on insurance ??
Q7)Do you have any other source of income other thanpension ??If yes then what??
Q8)What was your income when you were working??
a)5000-10000 b)10000-20000 c)20000 and above
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PERSONAL PROFILE OF PEOPLE
SURVEYED
I have surveyed the people of Cooper Hospital
Vile ParleWest and the following is their
personal profile
NAME AGE OCCUPATI
ON
EARLER
GENDER INCOME
Ashima 82 Banker Female 6000
Dolly 73 Officer Female 10000
Sadhana 68 BMC Female 18000
Gurung 69 Watchma
n
Male 5000
Abhay 76 Police Male 12000
Sushil 85 Army 16000
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CONCLUSION
Medical expenses consume the most of the
expenses of the retired employees .Thus the
government should give them some schemes for
their benefit
Due to the inflation which is around 11%the food
expenses of retired employees are rising and the
pensions given to them are not sufficient ,thusthe government should increase the pensions of
the retired employees.
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RECOMMENDATIONS
Guys please dont throw your old parents out
of your homes as they have slogged their lives
off for you and they also have sacrificed their
wishes for your happiness.
Due to the rising petrol prices the travelling
expenses of the retired employees are also
increasing.
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T
NK
YOUYOU
HA