Expenses of Retired Employees

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

Documents

Expenses of Retired Employees