India 2011

India’s retirement income system comprises an earnings-related employee pension scheme, a defined contribution employee provident fund and voluntary employer managed funds.

The following table shows India’s position when compared to the 15 other countries and some of the indicators that either scored relatively well or poorly.

The overall index value for the Indian system could be increased by: 

• introducing a minimum level of support for the poorest aged individuals
• introducing a minimum access age so that it is clear that benefits are preserved for retirement purposes
• improving the regulatory requirements for the private pension system
• improving the level of communication from pension arrangements to members
• increasing the pension age as life expectancy continues to increase
• increasing the level of contributions in statutory pension schemes