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

by Donghyun Park (editor)

Old age income support will be one of the biggest social and economic challenges facing Asia in thetwenty-first 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, China, Indonesia, Korea, Malaysia, Philippines, Singapore, Thailand and Vietnam 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 China 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."

272 pages, Kindle Edition

First published October 1, 2011