Half of those in Pvt Sector Likely Lack Retirement Plans

ROUGHLY HALF of India's salaried workforce in the private sector contribute little for their retirement benefits, while the other half earmark 1-10% of their salaries for these, according to a survey.

- FE BUREAU

This indicates a cautious approach to savings, because of financial constraints or competing priorities, the survey by Grant Thornton Bharat showed.

While higher earners contribute more to retirement products, the overall contribution is still relatively low for most individuals, suggesting that many people may not be saving enough for retirement.

The survey—India's pension landscape: A study on retirement reality and readiness—was conducted mostly in the age group between 25 to 54 years and employed in the private sector.