NSSF amendment worst legislative nonsense ever.

simplemind said:

The recent amendment to social security statutes is by far the worst legislative amendment ever. It beats all logic that a country with life expectancy at birth of 51 years should set age at which one can access his/her savings at 60 years. This is extorsion pure and simple. For simplicity sake lets assume that life expectancy is more or less equal median life expectancy(true for most distributions). For more accurate analysis one can refer to Tanzania life tables. Going by the assumption above, more than 50% of members will have passed on at statutory age for accessing ones saving. Compare situation with USA. Life expectancy for USA is about 77 years and rising. One can access social security saving beggining 62 years of age which is fair enough. The amendment is unjust and should be repealed. Alternatively age for access be reduced to around 15 years below life expectancy ie 36 years of age.

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