India ranked 32nd in the 11th Melbourne Mercer Global Pension Index 2019, Netherlands tops the list

On October 23, 2019 the 11th edition of the 2019 Mercer Global Pension Index (MMGPI) was released by the human resource consulting firm Mercer. The report was on the pension and retirement benefits given to citizens of different income groups of 37 countries that were covered. India ranked 32nd on the list for the year 2019 from its previous rank of 33 in 2018. The list was topped by Netherlands, followed by Denmark and Australia in the second and third spot respectively.

Report on India:

• The 2019 score of India in the index was 45.8, improved from score of 44.6 in 2018. India’s grade was ‘D’.
• The improved ranking was due to slight increase in scores across various dimensions, like household savings, flexible management of retirement and part time work, progress in governance, especially improvement in the new pension systems by govt.
• Govt pension system: The main improvement in the Indian pension was from the Atal Pension Yojana (APY) which is available to all citizens below 40 years, and aims & encourages unorganized sector to save voluntarily before retirement. The other govt schemes that helped in improving the pension systems were PM Karam Yogi Maan-Dhan Scheme for retailers and shopkeepers, PM Kisan Pension Yojana (PM-KMY) for small and marginal farmers and Pradhan Mantri Shram-Yogi Maan-Dhan (PM-SYM) that covers workers in the unorganized sector with equal contribution by the govt.

Global Report:

• The top-ranked Netherlands had score of (81.0) with an A grade. Denmark was the only country apart from the Netherlands to have an A grade.
• Low scorer: The lowest-ranked country was Thailand with a score of 39.4
• Key indicators:  the countries were ranked based on 17 indicators grouped into 3 sub-indices namely adequacy, sustainability and integrity.

Ranks: 

About Mercer:

• Founded- 1945.
• Headquarters- New York City, United States(US).
• President and Chief Executive Officer(CEO)- Martine Ferland.