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Saudi Arabia advances in Global Pension Index

Saudi Arabia advances in Global Pension Index
The kingdom had an overall 2020 index value of 57.5 in 2020.

Riyadh – Mubasher: Saudi Arabia has achieved positive results in the 2020 Mercer CFA Institute Global Pension Index, which benchmarks 39 retirement income systems, covering almost two-thirds of the world’s population using more than 50 indicators.

The kingdom had an overall 2020 index value of 57.5; marginally up from last year’s level, according to a press release.

This is mainly attributed to the recent amendment to increase the retirement age for women from 55 years old to 60 years old, same as the retirement age for men.

The Global Pension Index uses the weighted average of the sub-indices of adequacy, sustainability, and integrity, where Saudi Arabia scored 59.6, 51.6, and 62.4, respectively.

This year’s index edition added two new systems namely, Belgium and Israel and introduced new questions relating to public expenditure on pensions, ESG (environmental, social, and governance) investing, and support for caregivers.