80% working Indians do not opt for retirement plans: MetLife

Thursday, 19 June , 2008, 18:37

New Delhi: Despite worrying about a comfortable old age life, almost 80 per cent of the working Indians do not opt for any kind of retirement saving plans other than what is mandated by law, say the MetLife surveys. Also in the news From Santro to Tucson Is inflation nullifying your pay hike? Ambani guns blaze even after settlement More than eight out of 10 Indians (80 per cent)have done no retirement planning independent of any mandatory government plans, said the MetLife surveys -- Study of International Employee Benefits Trends and the sixth annual US Study of Employee Benefits Trends. More India business stories The surveys further point out that while 80 per cent employees in India and 81 per cent in Mexico have no retirement plans other than the mandatory ones, the number was low in developed countries like Australia (58 per cent), the US (46 per cent) and the UK (31 per cent). "The very concept of retirement savings is new or distant to workers in many developing economies such as Mexico and India", said MetLife International president William J Toppeta.