India still worst place for retirement: Report

New Delhi: Even as the government is making all efforts to push growth and improve the living conditions of the people, a global survey has revealed that India is the worst place for retirement. In a global retirement index of 43 countries, India has ranked the lowest.

India ranks 43rd in this year’s GRI and has the same score compared to last year. Its sub-indices all rank in the bottom five. Switzerland, Norway and Iceland topped the ranking.

But India also ranks the lowest among the BRIC economies.

The index created by French asset management company Natixis Global, ranks countries on the basis of four factors -- 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.

On all four, India has ranked the lowest.

Below is how India has performed on different factors on the index:

Compared to last year’s report, India declines in the Material Wellbeing (41st) and Health (43rd) sub-indices but gains ground in Finances (39th) and Quality of Life (43rd). Despite finishing third to last for the Material Wellbeing sub-index, India actually has a top five finish by having the third highest score for the employment indicator. However, it has the lowest income per capita of all countries in the GRI.

Additionally, its score for the income equality indicator declines compared to last year’s report. For the second year in a row, India ranks last in the Health sub-index and its score declines even more from last year. It has the lowest scores for all indicators within the sub-index and declines in the insured health expenditure compared to last year.

India’s largest sub-index improvement is in Finances and it moves 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 is better scores in the interest rate, inflation and governance indicators. It also finishes first in old-age dependency, second in tax pressure and sixth in interest rates.

Counterbalancing the high scoresin these sub-indicesisthe 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 loansindicator. 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 factorsindicator.

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.