India Worst Country Among Large Economies For People To Retire: Report
The French asset management company, Natixis Global in its Global Retirement Index Report has ranked India at the lowest position in a survey about the best place to retire after work among a list of 43 countries.
The ranking was based on eighteen indicators which had four essential factors in mind viz
- the material means to live comfortably in retirement,
- access to quality financial services to help preserve savings value and maximize income,
- access to quality health services and
- a clean and safe environment.
While India ranked the lowest, Iceland and Switzerland topped the list. The other countries in the top of the list include Norway, Sweden, Germany, Netherlands and Austria.
India had the same rank the last year but the sub-indices rank in the bottom five. India also ranks last when compared to the BRICS economies.
The USA, the world’s largest economy, was ranked 14th while China, the world’s second largest economy, came in at the 38th spot.
43 countries were featured on the list. These countries are part of the IMF’s advanced economies list or members of the Organization for Economic Co-operation and Development (OECD) or the BRIC countries (Brazil, Russia, India and China).
The entire report can be read here.
This is how India has performed this year when compared to the 2016 Report
Compared to last year’s report, India has declined in the Material Well-being (41st), and Health (43rd) sub-indices but has gained ground in Finances (39th) and Quality of Life (43rd). India has a top five finish by having the third-highest score for the employment indicator.
It has the lowest scores for all indicators within the sub-index and declines in the insured health expenditure compared to last year.
But, it has the lowest income per capita of all countries in the GRI – its score for the income equality indicator declines compared to last year’s report.
India’s largest sub-index improvement is in finances, and it moved up three spots from its ranking last year. However, India still has the fifth worst sub-index score of any country in the GRI. The main reason for the improvement better scores in the interest rate, inflation and governance indicators.
India finishes first in old-age dependency, second in tax pressure and sixth in interest rates. The governance indicator which, despite improving from last year, ranks as the fifth worst among all countries in the GRI.
It also has the tenth-lowest score for the bank non-performing loans indicator. India places last in the Quality of Life sub-index for the second year in a row.
Progress in CO2 emissions per GDP improves India’s environmental factors indicator. However, the country still has the worst scores for happiness, water and sanitation and air quality as well as the second-worst score for biodiversity and habitat among all GRI countries.
The Logical Indian take
The lives of the elderly in India post retirement is not always a happy and comfortable one. According to a study conducted by Agewell Foundation, 65% of old people are poor with no source of known income. The survey also stated that older women are more prone to suffer abuse due to factors like gender discrimination, a longer lifespan than older men, a longer span of widowhood and no source of income as traditionally most of them are housewives. Additionally, out of every 10 elderly couples in India, more than 6 are forced by their children to leave their homes.
The Logical Indian community urges the government to take this Report seriously and work towards making the environment more conducive and amenable for those who have taken retirement.