India's public spending on old-age pensions a mere 1% of GDP: Study

India, Indonesia and South Korea are among the countries with the highest share of people who wish to continue working after the retirement

Aging population and low interest rates are putting pressure on existing pension systems across the world, said a study that pegs India’s public spending on old-age pensions to a mere 1 per cent of its gross domestic product (GDP). 

The study by Credit Suisse Research Institute (CSRI) calls for an urgent rethink on retirement provisions in the face of aging societies. The institute says a gradual increase in retirement age would be the optimum solution as doing so would extend the savings phase and shorten the average pension-payment period.

The share of 65-plus in the developed world has increased from 7.7 per