South Korea bags second place in 2023 Natixis report retirement sub-index

Singapore dropped to fourth place in the 2023 Natixis report. This sub-index evaluates various factors such as old-age dependency, inflation, bank nonperforming loans, tax pressure, and more.

“Singapore’s decline follows decreases in several indicators including old-age dependency, bank nonperforming loans, inflation, interest rates, and government,” read the report.

In contrast, South Korea has climbed to second place, owing to stellar performances in categories like bank nonperforming loans (1st) and inflation (5th). Meanwhile, Australia secured third place, while China made 21st place.

Shifting the focus to the health sub-index, Singapore earned the 19th spot with a score of 82%. The city-state also claims the second position in life expectancy, coming only behind Japan.

In the Global Retirement Index stage, Norway took first place for the second consecutive year, boasting an overall score of 83%.

“Switzerland maintains its hold on second place with an impressive score of 82%, while Iceland secures third place once again with a solid 81%. Ireland also retains its fourth-place ranking, boasting an overall score of 80%,” the statement reads.

Among Asia Pacific (APAC) countries, Australia and New Zealand continue to lead the pack, securing the 7th and 8th spots, respectively.

South Korea at 21st place stands as the next highest-ranked APAC nation, followed by Japan at 24th and Singapore, which has improved by one place to 26th. Lastly, China stands at 38th place.

More from OMY: Guide To Supplementary Retirement Scheme (SRS) Account In Singapore (2023)

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