Global Retirement Index is released by French asset management company Natixis Global. It ranks countries on the basis of four sub-indices:
- Material Well being (the material means to live comfortably in retirement)
- Finances (access to quality financial services to help preserve savings value and maximize income)
- Health (access to quality health services)
- Quality of life (a clean and safe environment)
This year the index ranked 43 countries which include 34 from International Monetary Fund (IMF) advanced economies, 5 from Organization for Economic Co-operation and Development(OECD) member countries and 4 from the BRICS countries (Brazil, Russia, India and China).
It provides a global benchmark for retirees and future retirees so that they can evaluate and compare the suitability of various nations, and plan their retirement according to their expectations and needs.
Global Retirement Index and its relevance:
- In 2014, India saw its elderly population crossing the 100 million mark, out of which half live below the poverty line.
- Also as per a report of HelpAge India, elderly Indians will be making upto 20% of India’s population by 2050.
India ranks 43rd and is placed at the bottom of the chart. (Last year, India ranked 88th out of 150 countries). It is even last among BRIC countries.
Sub-indices and its Performance:
- Material Well-being:
- Ranking– 41st
- India ranks first in old-age dependency, second in tax pressure and sixth in interest rates.
- Counterbalancing the high scores in these sub-indices is the governance indicator which, despite improving from last year, ranks as the fifth worst among all countries in the GRI.
- Ranking– 43rd
- India has a health index score of just 4%, the lowest score in any sub-index in this year’s GRI.
- Ranking– 39th
- India has the tenth-lowest score for the bank non-performing loans indicator.
- Quality of Life :
- Ranking– 43rd
- India is last in the quality of Life sub-index with a score of 6%. India has the lowest score for air quality, happiness and water and sanitation and the second to last in biodiversity and habitat.
Some other important facts:
- Norway, Switzerland and Iceland are among the top three countries where retirees have the best life.
- United States ranks 14th on the list.
You may also like to Read: CRI Index