Pensions at a Glance: Asia/Pacific (Complete Edition ‐ ISBN 9789264059771)
Abstract:The report analyses the retirement income systems of 18 Asian countries, including Australia, China, India, Indonesia, Pakistan, the Philippines and Vietnam. It says that reform is needed because: coverage of formal pension systems is relatively low; withdrawal of savings before retirement is very common; pension savings are often taken as lump sums and often do not provide people with adequate income over their lifetime; pensions payments are not automatically adjusted to reflect changes in the cost of living.
In OECD countries, an average of 70% of the working‐age population are eligible for a pension. However in South Asia, just 7.5% of the working‐age population are eligible and in East Asia 18%. Furthermore, few countries in Asia/Pacific have social pensions to provide safety‐net retirement incomes for people who are not members of formal schemes. Only in India are social pensions significant, with around 10 to 15% of older people covered.
Document Type: Review Article
Publication date: January 1, 2009