Country-wise Comparison of Pension Systems for Select South Asian Countries

From Indiapensions

	India	Pakistan	Sri Lanka	Bangladesh
Scheme for Private Sector Workers	Two schemes, namely the Employees' Pension Scheme and the Employees' Provident Fund scheme cater to this group.	Currently three schemes exist catering to the group. The Employee Old Age Benefit Institution (EOBI) scheme applies to companies employing more than 10 workers. The two other schemes are Pension and provident fund benefits for other companies and Voluntary pension scheme.	In the formal private sector schemes like Employee Private Fund, Employee Trust Fund and Approved Private Sector Provident Fund exist. The self employed workers have Farmer's Pension Scheme, Fisherman's Pension Scheme and Pension Schemes for Self Employed Workers	No uniform retirement benefit scheme
Indexation	Formal pensions are inflation indexed in the form of Dearness Allowance and/or Dearness Pay.	Discretionary rules apply	Not applicable	Not applicable
Average Earnings in the Economy	Rs.41811 (PCI in 2004-05 prices) ($1=47 Indian Rs. approx)	Rs. 43748 (PCI in market prices)($1=60 Pakistan Rs. approx.)	USD 3141 (PCI in 2002 prices)	USD 363 (PCI in 2002 prices)
Qualifying Conditions	For the Civil Service Pension Scheme and the Public Sector Bank Pension Schemes the normal age for retirement is 60 years. In comparison,the qualifying age for the Employees' Pension Scheme is a little lower at 58 years and higher under the National Old Age Pension scheme at 65 years.	The normal pension age for civil service pension and EOBI is 60 years. Retirement age is voluntary for the other two schemes.	For all schemes the the normal pension age stands at 60 years. However, the earlier Public sector pension scheme has been replaced with Contributory Pension Fund(CPF) for public sector employees joining after January 2003	The scheme caters only to civil servants and railway employees. A government employee retires at 57 or voluntarily after the completion of 25 years of service, whichever comes first.
First Tier Schemes
1) Basic Pension	N.A.	N.A.	N.A.	N.A.
2) Minimum Pension	The minimum levels of pension per month are Rs. 1275 under the Civil Service pension scheme . For other schemes either no minimum level exist or are entirely based on the date of retirement.	Under the EOBI a minimum of Rs. 1000 a month is paid	A minimum pension level of 40% of last salary exist for government employees who have served for more than 10 years.	N.A.
3)Targeted schemes/ social assistance	The National Old Age Pension Scheme pays Rs.200 to the poorest 30% of the BPL aged poor.	N.A.	N.A.	Old age allowance pension is paid to 10 oldest and poorest members of each ward of the country.
2nd Tier Scheme
1)Defined benefit	The Civil Service Pensions, Employees' Pension Scheme and the Public Sector Pension Scheme falls under this group	Prevailing defined benefit schemes are Civil service pension, Private sector pension and EOBI. The accrual rate of benefits depends upon age, years of service and average monthly wages earned in the last 12 months of service.	The prevailing schemes of this nature are Public Sector pension scheme, Farmer's pension scheme, Fisherman's pension scheme and pension scheme for the self employed workers. The number of years served and the salary at at retirement form the basis on which public sector pensions are given. Pensions for the self employed are, on the other hand, based on the age at enrollment.	The scheme applies only to government civil servants. The accrual rate for pension benefits depend primarily on the number of years served.
2) Point scheme	N.A.	N.A.	N.A.	N.A.
3) Notional account	The General Provident Fund and the Contributory Provident Fund belong to this scheme type.	General provident fund for civil service employees(federal government and provincial government) exists.	N.A.	There are two types of notional accounts, namely, General Provident Fund and Contributory Provident Fund
4) Defined contribution plans	The Employees' Provident Fund(12%), the New pension scheme(10%) and various occupational pension schemes are of the nature of defined contribution.	The Contributory provident fund scheme run by private companies are of this nature. Employees are required to contribute 5% to 10% of their basic salary.	Prevailing plans of this nature are Employee Provident fund(8%), Employee Trust Fund, Approved Private Provident Fund(8%) and Contributory Pension scheme(8%)	No mandated contribution plan
Early and Late Retirement	For the Employees' Pension scheme the age for early retirement is 50 years. Other schemes are not age specific.	The eligibility age for early retirement is 55 for men and 50 for women.	N.A.	Early Retirement criterion requires 25 years of service
Personal Income Taxes and Pension Contributions	Taxes on Pension Funds are of the nature of EET i.e., all contributions and investment incomes are exempted and all fund withdrawals are taxed.	Certain tax credits are given in respect of contributions or premium paid towards an approved pension fund under the Voluntary Pension System Rules, 2005.	While employees contribution to Provident funds are deductible up to a maximum limit of 25000 p.a., the employer's contribution are exempted up to a maximum of 25% of taxable wages.	Pension Income fully exempted from taxes. Additional standard reliefs are given for older people.

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