CURRENT AFFAIRS

Detailed explanation-1: -The index highlights key strengths of retirement pension systems around three sub-indexes - adequacy, sustainability and integrity, where India scored 33.5, 41.8 and 61.0 respectively. Globally, Iceland had the highest overall index value (84.7), closely followed by the Netherlands (84.6) and Denmark (82.0).

Detailed explanation-2: -India’s pension system shows marginal improvement in global ranking: Report. Globally, Iceland was ranked at the top followed by the Netherlands, Denmark, Israel, Finland and Australia.

Detailed explanation-3: -Mercer CFS Global Pension Index studies 44 countries that account for 65 per cent of the world’s population. The index value was up from 2021 but below that in 2020. In 2020, India ranked 34 out of 39 countries with a value of 45.7. In 2022, the index value is 44.4.

Detailed explanation-4: -In 2022, the index value was 44.4. The index measures the pension system in the country under three sub-heads, adequacy, sustainability and integrity. India’s score in these three measurements was 33.5, 41.8 and 61 respectively. The survey was topped by Iceland, the Netherlands and Denmark.

Detailed explanation-5: -It benchmarks retirement income systems, highlights each of these systems’ shortcomings, and provides recommendations to ensure adequate and sustainable retirement benefits. It is made of three sub-indices – adequacy, sustainability and integrity – to assess each pension system against more than fifty indicators.