DO YOU KNOW INDIA IS ONE OF THE WORST PLACES TO RETIRE
Writer: Bhavya Sethi
Even as the central 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 to retirement. The Natixis global asset management’s fourth annual global retirement index(GRI) released has ranked India last (43) out of 43 countries.
Norway is the best country for retirement followed by Switzerland and Iceland. New Zealand,Sweden , Australia ,Germany ,Netherland,Austria and Canada completed the top 10.
The list was cut down to 43 countries as against 150in the previous years. Of the 43 countries, 34 were from the IMF’s advanced economies, five from OECD and four from BRICS.
Of the 150 countries, India had ranked 88 last year. The survey also ranked India with the worst in health care system with health index score of just 4 percent, the lowest score in any sub-index in this year’s GRI.
India has the lowest ranks for health expenditure per capita, non-insured health expenditure, and life expectancy out of all countries measured in this year’s GRI, the survey pointed out. “while people in urban areas have greater access to adequate healthcare services, India's massive rural population is still denied basic healthcare, “the survey said.
In the health index, Luxemburg tops the chart followed by Netherlands and Norway in the second and third place respectively. France, japan, Switzerland,united states, Germany, Canada and Iceland completed the top 10.
The methodology changed this year with a 5-year average of real interest and inflation being considered, instead of the earlier 3 years.
The annual retirement index is compiled with the objective of providing a global benchmark for retirees and future retirees to evaluate and compare the suitability of nations globally in meeting retirement expectations, needs, and ambitions, the report said The elderly population in India crossed the 100 million mark back in 2014 with half of them below the poverty line. A report by HelpAge India last year said that elderly will constitute 20 percent of India's population by 2050. The same report pegged India's elderly population at 143 million by 2021.
India's performance in the Gris sub-index Health was worst among the 43 nations. "In the health sub-index, India ranks last. India has a health index score of just 4%, the lowest score in any sub-index in this year's GRI," the report said.
India has the lowest ranks for health expenditure per capita, non-insured health expenditure and life expectancy out of all countries measured in this year's GRI. While people in urban areas have greater access to adequate healthcare services, India's massive rural population is still denied basic healthcare, the report added.
India's budgetary allocation stands at 1.3 per cent of its Gross Domestic Product (GDP) which pales in comparison to the BRICS allocation of anywhere between 3.5-4 percent of GDP and is almost half of the 12th five-year plan's target of 2.5 per cent of GDP.
However, the country performed well in old-age dependency (1st) and tax pressure (3rd) but its consistently high inflation and high public debt for a developing country is a problem, the report notes.
"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," Natixis said in the report. In short keep on working do not retire LOL.