Many of the Senior Citizens who possess requisite knowledge have ample scope of utilizing it by offering their services as social worker, either on honorary basis or for honorarium. There is also scope for starting self-employment activity with financial assistance from financial institutions.

INVESTMENT OPPORTUNITIES

There are enough opportunities for senior citizens to invest their funds with a view to earning a steady and reasonable income. However care should be taken to select the proper type of investments, as it has come to notice that several financial companies are neither able to pay interest nor redeem the deposits. The period for which funds are to be invested should be carefully considered.

The facilities mentioned so far are presently available to the Senior Citizens. There is ample scope for providing further concessions in food, drugs, telephone, entertainment etc. An aged person is not to be treated as obsolete, but as a valuable asset. His energy expertise and experience should be utilized for the service of the society of the society and national development process. Senior Citizens are to be considered a distinct group and in order to make them play their effective role, they are to be kept free from economical and social tensions

FINANCIAL

A rebate of 100% in Income tax, subject to maximum of Rs.10,000/- is allowed, irrespective of their income. Senior Citizens not engaged in any business or profession, will not be required to file the return on the basis of ownership of a house or subscription of a telephone.

The Central Govt. has decided to grant a small monthly pension to old persons in low income group. Pensions of similar nature are presently paid by some State Govts.

Retired employees of Central and State Govts. and in certain cases, their surviving spouses receive pensions and retirement benefits. Some corporations and companies also operate Superannuation Schemes to enables their retirees to receive monthly pension.

Unit Trust of India has devised a scheme to cover medical facilities and payment of annuities, while Life Insurance Corporation of India has introduced Jeevan Suraksha Yojana.

Moderate financial assistance is granted by some Senior Citizens Associations to elders having no source of income.

Maharashtra Govt. has exempted Senior Citizens from payment of Profession Tax.