There are no official estimates but pensioners' associations said many they represent are now forced to draw more from those accounts than previously.
Some pensioners have switched to riskier investments, including equities and mutual funds, but after two good years of returns even stocks are now struggling with the benchmark index down over 6 per cent this year. Over the weekend the government announced tax changes and subsidies that will lower prices of gasoline, diesel and cooking gas.
"Often I have to borrow or beg neighbours for food," she said in front of her rented one-room home in a slum.Unlike advanced economies, India has very few aged-care homes. Most retirees depend on families for support, putting extra strain on children whose livelihoods have been impacted by the pandemic and now inflation.
Mr Saurabh Bhagat, director at SHEOWS, a Delhi-based charity that runs three such homes catering to more than 400 people, said monthly expenses had recently gone up by nearly 20 per cent.
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