India. EPFO, NPS, Atal Pension Yojana covers less than 25% of workers: Mercer report on systemic flaws in retirement schemes

India’s pension safety net remains alarmingly narrow, with the Employees’ Provident Fund Organisation (EPFO), National Pension System (NPS), and government-backed schemes like the Atal Pension Yojana (APY) together covering less than 25% of the workforce — one of the lowest inclusion rates globally. A new Mercer–CFA Institute Global Pension Index 2025 report has flagged this limited reach, pointing to low coverage, inadequate benefits, rigid investment norms, and weak regulatory oversight as the country’s biggest pension challenges. As India’s working-age population...