India's pension system shows marginal improvement in global ranking: Report

India's retirement system has improved marginally from 2021 to rank at 41 out of the 44 countries examined, according to a report.

According to the survey, India had an overall index value of 44.4, up from 43.3 in 2021, ranking 41 out of the 44 retirement income systems analysed.

The improvement was primarily due to an increase in its net replacement rates, according to the 2022 Mercer CFA Institute Global Pension Index survey (MCGPI).

The MCGPI is a comprehensive study of 44 global pension systems, accounting for 65 per cent of the world's population.

It benchmarks retirement income systems around the world, highlighting some shortcomings in each system, and suggests possible areas of reform that would help provide more adequate and sustainable retirement benefits.

Globally, Iceland was ranked at the top followed by the Netherlands, Denmark, Israel, Finland and Australia.

Thailand ranked last at 44, while Philippines was at 43 and Argentina was at 42, according to MCGPI.

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