This is still very much a thing, but the degree of adherence varies depending on the family. I know people that don't follow it, but I also know people who pay part of their income to their elders & some voluntarily invite their otherwise healthy parents to live with them.

I personally think it's a good thing to take care of your parents within reasonable boundaries. However, I don't think the current social structure provides a good framework for this. We don't live in the same village compound in modern times, afterall.