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Pension Systems and Old-Age Income Support in East and Southeast Asia: Overview and Reform Direction

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  • Pension Systems and Old-Age Income Support in East and Southeast Asia: Overview and Reform Direction
  • Asian Development Bank (ADB)
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Title Pension Systems and Old-Age Income Support in East and Southeast Asia: Overview and Reform Direction
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Material Type Reports
Publisher

Asian Development Bank (ADB)

Date 2011
ISBN 978-0-415-69270-0
Language English
File Type Link
Subject Social Development < Social Welfare

Abstract

Old-age income support will be one of the biggest social and economic challenges facing Asia in the 21st century. The growing spotlight on old age income support is largely due to exceptionally rapid population aging which is fundamentally reshaping Asia’s demographic profile. A young continent reaping the demographic dividend of a large youthful workforce is giving way to a greying continent where the ratio of retirees to workers is on the rise.;In contrast to industrialized countries, most Asian countries do not yet have mature, well-functioning pension systems. As a result, they are ill prepared to provide economic security for the large number of retirees who loom on the region’s horizon. This book takes a close look at the pension systems of eight countries in East and Southeast Asia ? namely, People's Republic of China, Indonesia, Republic of Korea, Malaysia, Philippines, Singapore, Thailand and Viet Nam ? which encompass a wide range of income and development levels. The book provides a comprehensive overview of pension systems in the eight countries, including an in-depth diagnosis to identify their major weaknesses and shortcomings.;On the basis of the diagnosis, the book sets forth concrete and specific policy options for reforming Asia’s pension systems. Many policy options for reform are country-specific. For example, a top priority in PRC is to extend the pension system to rural areas. At the same time, a number of reforms ? such as the need to extend coverage ? resonate across the entire region. Appropriate reform will enable the region’s pension systems to deliver affordable, adequate and sustainable old-age economic security.