4 min read.Updated: 08 Jun 2017, 04:54 AM ISTLivemint
Governments in most countries will need to work on increasing retirement savings in order to avoid the looming pension crisis
Union finance minister Arun Jaitley, in his 2015 budget speech, acknowledged that most people in India do not have any kind of insurance and, as the population ages, it will also be pensionless. He announced steps for creating a social security system. This included insurance and pension schemes, mostly for the underprivileged segments of society. But India is not the only country that is facing social security problems.