I was talking with a friend the other night who is studying in Australia. She is from Hyderabad. Hyderabad is the capital and largest city of the South Indian state of Telangana.
Hyderabad is known as The City of Pearls, as once it was the only global centre for trade of large diamonds, emeralds and natural pearls. Many traditional and historical bazaars are located around the city which is home to the Birla Mandir which is a Hindu temple built by the Birla family.
She has just started a part time job and was asking me about our superannuation. The closest thing they have in India is the Employee Provident Fund or EPF. This is an Indian Government initiative for people who are working in a private or public sector firm or company and is a retirement benefit option. It is a Pension Scheme and an Insurance Scheme for the workforce engaged in the organized sector in India. In Australia your employer pays your Super where in India it is provided by the government. I also explained the employer contribution rate and how it is changing.
Interesting to see different ways differing countries have for planning for retirement.