Developing Asia’s Pension Systems and Old-Age Income Support

Developing Asia’s Pension Systems and Old-Age Income Support

Old-age income support is becoming an issue of growing importance throughout Asia. This is especially true in East and Southeast Asia. This paper provides a broad overview of the current state of pension systems in the People’s Republic of China, Indonesia, Republic of Korea, Malaysia, Philippines, Singapore, Thailand, and Viet Nam. All eight countries are experiencing a steady increase in the proportion of the elderly relative to the working-age population and total population. By 2050, the entire region will have a drastically different, much grayer demographic profile. The authors analyse the pension systems, and identifies their major structural weaknesses. The paper concludes with some specific policy directions for pension reform to strengthen the capacity of Asian pension systems in delivering economic security for the large and rowing population of elderly looming on the region’s horizon.