PFRDA chief puts India’s retirement-income replacement rate at 35–40% versus 60% global level

India’s retirement-income replacement rate is currently around 35–40%, compared with a roughly 60% level globally, according to Pension Fund Regulatory and Development Authority (PFRDA) Chairman S. Ramann, as the regulator seeks to cover 30 crore people through the National Pension System (NPS) and Atal Pension Yojana (APY) over the next four to five years.