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19/10/22 22:02 PM IST

India’s pension system shows improvement in adequacy

In News 
  • The 2022 Mercer CFA Institute Global Pension Index survey (MCGPI) was released recently.
Major Findings 
  • Iceland topped the list, scoring the highest overall index value of 84.7.
  • The second and third positions are held by the Netherlands (84.6) and Denmark (82.0) respectively.
  • Thailand is the worst performer in the index, with an overall value of 41.7.
  • India stood at the 41st rank out of 44 countries in the index. In the previous edition, it held the 40th position out of 43 countries.
  • Portugal is the new entrant in the latest global ranking.
  • India witnessed a marginal improvement with an increase in the overall index value from 43.3 in 2021 to 44.4 in 2022. However, this score is lower than 45.7 in 2020.
  • India’s scores in the three sub-indices adequacy, sustainability and integrity are 33.5, 41.8 and 61.0 respectively.
  • India’s adequacy score has increased from 2021 because of the spike in net replacement rates and the revised scoring methodology to calculate minimum pension.
About MCGPI
  • The MCGPI assesses the pension systems in various countries across the world.
  • It benchmarks retirement income systems, highlights each of these systems’ shortcomings, and provides recommendations to ensure adequate and sustainable retirement benefits.
  • It is made of three sub-indices – adequacy, sustainability and integrity – to assess each pension system against more than fifty indicators.
Source- Live Mint

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