Thailand has the worst pension system in the world

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Thailand placed 44th overall. The nation’s score of 41.7 out of a possible 100 points was lower than the average score of 63.0. Mercer further stated that Thailand utilized three unique pension systems, namely the Social Security Fund, the Provident Fund, and Personal Financial Management, which included Retirement Mutual Funds. The Social Security Fund was required for all private sector positions (RMF).

A D was also received for Turkey, India, Argentina, and the Philippines. With a score of 74.1, Singapore landed in the ninth position in the globe and first in Asia. Iceland (84.7), the Netherlands (84.6), Denmark (82.0), Israel (79.8), Finland (77.2), Australia (76.8), Norway (75.3), Sweden (74.6), and Singapore (74.1) round out the top 10 countries. (73.7). In reaction to the current economic context, the pension system has evolved from one based on defined benefits (DB) to one based on defined contributions, according to the poll (DC). Compared to the past, planning for retirement now requires greater consideration. David Knox, a senior partner at Mercer, remarked that due to the unstable status of the economy, the higher inflation rate, and the higher interest rate, individuals are now more responsible than ever for their retirement.

The “Land of Smiles” routinely ranks highly in surveys ranking the finest locations to visit, and this time the “Land of Smiles” has taken first place – for having the world’s worst pension system. Iceland is considered to have the best pension system in the world, whereas Singapore is considered to have the best pension system in Asia. On Friday, October 14, 2018, the American asset management firm Mercer revealed the results of the 14th annual Mercer CFA Institute Global Pension Index poll. Mercer surveyed 66% of the global population in 44 nations across all continents. The survey examined the pension systems of each nation from three perspectives: their sufficiency, their sustainability, and their integrity.