Ageing Asia's Looming Pension Crisis

Abstract

"Due to population ageing, weakening of family-based support, and other factors, old-age income support is becoming an issue of growing importance throughout Asia. Donghyun Park finds the key systemic failures of Asian pension systems to be low coverage, inadequate benefits, lack of financial sustainability, and insufficient support for the elderly poor. The paper concludes with some specific policy directions for pension reform that will strengthen the capacity of Asian pension systems to deliver economic security for the large and growing army of the elderly, which looms on the region’s horizon."