Changing Paradigm Of Pension System In India
India ranks 40th of 43 in the Global Pension Index — a wake-up call for anyone counting on a peaceful retirement. With 12.4% inflation and longer lifespans ahead, are your savings truly future-proof? Read on to find out why your retirement plan needs a rethink now.
Are you looking forward to a beautiful Retirement life in India?
It's time you must rethink the happy retirement plans, argues the World's Pension Systems survey.
Global Pension Systems
The Pension Index maintained by The CFA Institute and consulting company Mercer, compared pension systems in 43 Countries. The database utilized statistics from the Organization for Economic Co-operation and Development (OECD) and other sources.
The report shows the top three countries with the best pension systems are: Iceland, the Netherlands, and Denmark.
India, however, ranked at 40/43. Thailand was ranked the lowest below the Philippines, Argentina, and India.
The US ranked 20th while newcomer Portugal came in at 24, Mexico in 29th place, and Mainland China was ranked 36.
Recommendations
The report also recommended that the retirement age be lifted in the face of threats from aging populations, ballooning Government debt, and shrinking birth rates.
The report argued that existing socio-economic conditions like reduction in wage growth, rising inflation, and decrease in Investment Returns are also placing additional pressure on the retirement income systems.
With the decline in fertility rate and growth in life expectancy, the United Nations predicts the World population aged 65 or over will rise from 9.7% this…
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