Young children stay away from home, sometimes even abroad, because of their studies and jobs. In such a situation, elderly people feel lonely at home. They have no one to look after them. The Swiss government has launched a new plan to address this very issue, according to a report in WION. ‘Time Bank’ is the name of the scheme.

By serving an elderly person today, you can save that time in the TimeBank, so that if you or someone close to you needs it in the future, you can get some help. This means you won’t have to be concerned about who will look after you when you’re old. You can do this by taking some time now and putting it to good use later in life.

People in the country can take care of the health of the elderly in need or spend time with them to alleviate their loneliness under this scheme.

The time spent by these volunteers is credited to their social security accounts as a ‘time unit.’ When these volunteers reach retirement age and require assistance with some tasks, then TimeBank will arrange volunteers for them.

After helping an elderly person, they can use the time bank to get help for themselves for the same amount of time they have deposited. The scheme, which is run by the

Swiss Ministry of Health, is specifically designed for elderly people who live alone.

This concept is well-liked throughout the world. As a result, the United States, the United Kingdom, Japan, New Zealand, Spain, and Greece have all adopted this plan.

Singapore is also said to be considering implementing this scheme soon. In India, on the other hand, the National Human Rights Commission (NRHC) recommended in 2018 that this scheme is implemented in the country.

Following the committee’s recommendations, Madhya Pradesh became the first state in India to establish a time bank in 2019.

The transaction model is the idea behind the TimeBank concept. This can include a variety of services such as IT support, counselling, childcare, salon services, gardening, home repairs, and other time-consuming tasks. TimeBank keeps track of the time spent on these tasks and then stores it in unit form.

You might be surprised to learn that TimeBank attracts not only middle-aged people but also a large number of Swiss youth. They believe that as they grow older, they will require assistance, so the time they have accrued will be useful.

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