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The recently released 2021 Mercer CFA Global Pension Index survey (MCGPI) ranks India’s pension system 40th out of 43 systems. Futhermore, the Indian system ranks lowest on the adequacy sub-index (which refers to the adequacy of the benefits provided).
While the formal pension system has its flaws, a bigger issue in the Indian context is that over 90 per cent of the workforce is in the unorganised sector, where workers are not enrolled into a formal retirement saving system. Such workers need to plan for retirement on their own.
How much do you need to save?
When you start working, your retirement could
