Pensions in Aging Asia and the Pacific: Policy Insights and Priorities

Rafal Chomik (), Philip O’Keefe () and John Piggott ()
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Rafal Chomik: University of New South Wales
Philip O’Keefe: University of New South Wales
John Piggott: University of New South Wales

No 746, ADB Economics Working Paper Series from Asian Development Bank

Abstract: Asia and the Pacific has the most diverse regional pension landscape globally. Yet the region’s pension systems are facing common challenges as they attempt to expand coverage, and ensure adequacy and fairness, while maintaining fiscal sustainability. We review the structures and performance of pension systems across Asia and the Pacific. Most remain characterized by low contributory coverage, social pensions with inadequate benefits and often low (or no) coverage, and informal sector schemes with modest traction to date. They are also characterized by gender inequities, lack of policy flexibility and attention to labor incentives, and underdeveloped governance structures. The paper makes proposals for addressing these challenges through an expanded role for social pensions with inclusive targeting, reformed contributory schemes, ongoing innovations for the informal sector and women, and enhanced reliance on technology.

Keywords: pension; Asian pension; social protection in Asia; means tested pension (search for similar items in EconPapers)
JEL-codes: H55 J18 N35 (search for similar items in EconPapers)
Pages: 57 pages
Date: 2024-10-24
New Economics Papers: this item is included in nep-age, nep-lab, nep-pbe and nep-sea
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Persistent link: https://EconPapers.repec.org/RePEc:ris:adbewp:0746

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