o Time : March 16, Friday 12:00 ~ 2:00 p.m.

o Venue : 9601(The 6th floor seminar room)

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

-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. This is especially true in East Asia and Southeast Asia where the demographic transition is already well underway. In this paper, we provide a broad overview of the current state of the pension systems of China, Indonesia, Korea, Malaysia, Philippines, Singapore, Thailand and Vietnam. In addition, we diagnose those pension systems and identify their major structural weaknesses. We find the key systemic failures to be low coverage, inadequate benefits, lack of financial sustainability, and insufficient support for the elderly poor. We conclude the paper with some specific policy directions for pension reform which will strengthen the capacity of Asian pension systems to deliver economic security for the large and growing army of the elderly which loom on the region’s horizon.