China, India face daunting challenge to grow retirement security amid demographic, cultural shifts
Retirement systems in China and India, home to the world's largest populations with around 1.4 billion people in each country, are still in nascent stages but are expected to grow as their economies expand and their demographics shift. In both countries, the first pension pillar — a state-sponsored pension system — has been seen as inadequate, and the second pillar — employer-sponsored retirement plans — is often insufficient in meeting people's rising post-retirement needs. A third pillar focused on building...
