Part and parcel of the same adjustment may be higher real wages for the smaller proportion of the population that is working. These changes, driven by demographics, may require some adjustment to our collective thinking about what is “normal”, not just for rates of return on assets but also for returns to labour.
The Reserve Bank's affairs are governed by a Central Board of Directors, consisting of fourteen nonexecutive, independent directors nominated by the Government, in addition to the Governor and up to four Deputy Governors. Besides, one Government official is also nominated on the Board who participates in the Board meetings but cannot vote.