The report placed India at 41st position.
The European Commission website states that a person must have lived in Iceland for at least 40 years or more to be eligible for the pension.
Pension programs provide financial security and stability after retirement. It is an insurance policy that provides retirement income. In other words, you transfer and save a portion of your current income for the future. Pension is important for retirees to lead a dignified and financially stable life after retirement. The Chartered Financial Analyst presented by Global Pension Systems has ranked India at 41 rank and Grade-D while scaling its pension systems.
A report by the Autonomous Research Institute of Public Under the Union Ministry of Finance reveals that 85 percent of the country’s employees do not have access to the pension system. Retirees receive funding only through Social Income. However, 57 percent of senior residents do not receive any kind of pension and 26 percent of those below the poverty line are receiving annuity benefits. While the above facts are true for India, have you ever thought about other countries? Do you know about their pension system and which country is considered best for retirees?
The Global Pension Report 2022 has placed the US at the 20th position. As per reports, 65% of the global population is not entitled to a proper pension after retirement. Especially in times of rising interest rates, inflation and potential uncertainties, having a stable retirement plan is critical, said Dr. David Knox, senior partner at Mercer and study author.
For future exposure, post-retirement uncertainties, security of life in old age, financial independence and continuous income generation, Dr. Knox advises people to think about balanced investments and a better pension system. It is important to understand whether the retirement income systems in different parts of the world will be able to support their growing populations and expectations for many years to come. According to Global Pension Systems, Iceland has one of the best pension systems in the world. With a score of 84.7, Iceland’s pension plan ranks top and is classified as Grade A.
With a score of 84.6, the Netherlands ranks second among countries with good pension plans. The Dutch retirement system is supported by three main pillars: the General Old Age Pension Act, additional employer-sponsored accounts and additional individual pension policies. Once a retiree turns 66, they are immediately eligible for pension.
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