NEW DELHI: India has marginally improved its ranking to 32nd position in terms of providing pension and retirement benefits to citizens compared to last year, according to a report.
The country’s score in the Melbourne Mercer Global Pension Index (MMGPI) 2019 rose to 45.8 from 44.6 last year.
The MMGPI, which covers 37 countries, is based on how they fare on providing pension and retirement benefits to citizens across different income groups.
India stood at 32nd position in 2019 out of 37 countries, while it was ranked at 33rd place in 2018 out of 34 countries in the list.
India’s index value increased largely due to the improvement in all three sub-indices of adequacy, sustainability and integrity.
As per the index, the improvement was due to slight increase in scores across various dimensions, including net household savings, greater flexibility in managing retirement and part time work, steady progress in governance and reporting around private pension plans.
The report said that the draft wages and social security reforms, that have been initiated in India, indicate the intent of policy makers in creating an inclusive and sustainable pension system.
Given the demographic diversity and the large percentage of workforce in the unorganised sector, reforms in the pension system will take time to manifest themselves, it said. (AGENCIES)
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