Question: What is the rank of India in the recently released Melbourne Mercer Global Pension Index 2019?
(a) 22nd
(b) 32nd
(c) 42nd
(d) 52nd
Answer: (b)
Related facts:
- Melbourne Mercer Global Pension Index 2019 has been released on October 23 2019.
- India has been to 32nd position for providing pension and retirement benefits to citizens compared to last year.
- The grade category of India is D.
Major Highlights of the Index:
- The Netherlands topped the index with highest index value (81.0) followed by Denmark. Both were graded as A. Thailand was ranked the lowest value (39.4) with D category.
- In a sub index wise analysis, Ireland had the highest score for adequacy (81.5), Denmark for sustainability (82.0) and Finland for integrity (92.3).
- Thailand scored the lowest for adequacy (35.8), Italy for sustainability (19.0) and Philippines for integrity (34.7).
India in the report:
- The score in the Index 2019 rose to 45.8 from 44.6 last year and the ranking was improved from 33rd to 32nd.
- The index covers a total of 37 countries. The rankings are based on how they fare on providing pension and retirement benefits to different income group citizen.
- As per the report, India has witnessed improvement in all three sub-indices of adequacy, sustainability and integrity.
- There was 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 draft wages and social security reforms initiated in India indicate the intent of policy makers in creating an inclusive and sustainable pension system.
- The Atal Pension Yojana (APY) started by the BJP government available to all citizens below the age of 40, but is aimed at the unorganised sector and encourages them to save voluntarily before retirement.
- The report also mentioned several new schemes introduced by the government for different segments of workers in the unorganised sector like the PM Karam Yogi Maan-Dhan Scheme for retailers and shop keepers, PM Kisan Pension Yojan (PM-KMY) for small and marginal famers and the recently announced contributory scheme Pradhan Mantri Shram-Yogi Maan-Dhan (PM-SYM) that covers workers in the unorganized sector with equal contribution by the government.
Links:
https://www.financialexpress.com/economy/india-improves-ranking-in-melbourne-mercer-global-pension-index/1744202/
https://info.mercer.com/rs/521-DEV-513/images/MMGPI%202019%20Full%20Report.pdf
https://timesofindia.indiatimes.com/business/india-business/india-improves-ranking-in-melbourne-mercer-global-pension-index/articleshow/71724436.cms