Maharashtra Chief Minister Eknath Shinde has announced a new pilgrimage scheme for senior citizens of all religions, aiming to help them fulfill their religious aspirations. He also vowed to make Maharashtra drug-free, emphasizing a crackdown on drug suppliers and businesses.
The State Bank of India (SBI) has increased fixed deposit (FD) interest rates for select tenors on retail deposits up to Rs 2 crore, effective from May 15, 2023. Interest rates have been raised by 25-75 basis points for tenures ranging from 46 to 179 days, 180 to 210 days, and 211 days to less than one year. Senior citizens will receive an additional 50 basis points on their FD rates. The new rates offer returns ranging from 3.50% to 7.50% for various tenures.
A senior couple lost their life savings of $900,000 after falling victim to an elaborate timeshare scam. The scammers contacted the couple, offering to sell their vacation home. The couple was pressured into sending money to cover border transactions and avoid fines. They eventually borrowed money from their daughter and put their home on the market. The FBI warns of increasing sophistication of scams and urges timeshare owners to be wary of unsolicited calls and pressure tactics. Research potential buyers and consult an attorney before making any decisions.
BJP national president JP Nadda announced that Prime Minister Narendra Modi has extended health coverage of Rs 5 lakh to individuals over 70 years of age, including the transgender community. This move fulfills the party’s manifesto commitment to include senior citizens and the transgender community in the Ayushman Bharat scheme. Nadda emphasized the BJP’s achievements in recent years, including expanding electricity access, promoting women’s empowerment through the Ladli Laxmi Yojana, and constructing millions of houses for the underprivileged.
A new proposal in Congress, the Boosting Benefits and Cola for Seniors Act, seeks to increase monthly Social Security benefits by adjusting the calculation method for the annual Cost-of-Living-Adjustment (COLA). The bill replaces the current Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) with the Consumer Price Index for all Americans aged 62 and over, which is believed to better account for inflation experienced by seniors, especially in healthcare costs. The proposed change has received support from various organizations representing seniors and labor unions. Companion legislation has also been introduced in the Senate, and recent projections indicate a potential increase in COLA in 2025.
Rep. Ritchie Torres (D-N.Y.) is urging U.S. Postmaster General Louis DeJoy to reconsider raising the price of stamps by almost eight percent, arguing it would have a “disparate” impact on those battling inflation and especially senior citizens. The U.S. Postal Service (USPS) earlier this month announced its intention to increase the price of first-class stamps from 68 cents to 73 cents. The 7.8 percent price increase, if approved by the Postal Regulatory Commission, would take effect on July 14. The proposal would mark the second price hike this year and the fifth in two years. Torres is now expressing his opposition to the proposed price increase, pointing to the impact the hike would have on low-income families and those without access to the internet. “An 8% rise in the cost of stamps will have a disparate impact on those hit hardest by inflation, particularly senior citizens struggling to scrape by,” Torres said in a letter first shared with The Hill.
Indian citizens of all ages, including senior citizens, will now have access to health insurance. The Insurance Regulatory and Development Authority of India (IRDAI) has instructed insurance providers to offer comprehensive health policies to everyone, regardless of age. This move is intended to expand access to healthcare services, especially among older adults who may face health challenges. The new provision eliminates the previous age restriction of 65 for health insurance, ensuring greater protection for seniors and their families.
