An Australian-backed study cites that the Philippines has one of the worst pension systems in the world. According to the Melbourne Mercer Global Pension Index, MMGPI, the Philippines pension system scored 43.7 of 100. This places the country in the fourth lowest, 34th of 37 countries.
The country’s pension system was given a ‘D’ rating.
The ranking was based on the grounds of adequacy, sustainability, and integrity. Moreover, the evaluation is based on the operations of the Social Security System, the country’s social insurance program for workers in the private, professional, and informal sectors.
Countries that were given an ‘A’ rating include the Netherlands and Denmark with 81 and 80., respectively. Moreover, following the Philippines as worst in the world includes Turkey, Argentina, and Thailand.
This is the first time the country was covered the Philippines. The study was a collaboration of the Victorian government of Australia’s Monash Center for Financial Studies and Mercer. Read more: Ph pension system fourth worst in the world