Supporting Ageing Populations in Developing Countries: A Comparative Analysis of Pension Schemes and Policy Insights

Tual Sawn Khai, Jacob Oppong Nkansah, Abdul Wali Khan and Muhammad Asaduzzaman ()
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Tual Sawn Khai: School of Graduate Studies, Lingnan University, Hong Kong, China
Jacob Oppong Nkansah: Institute of Policy Studies, School of Graduate Studies, Lingnan University, Hong Kong, China
Abdul Wali Khan: Institute of Policy Studies, School of Graduate Studies, Lingnan University, Hong Kong, China
Muhammad Asaduzzaman: Department of Community Medicine and Global Health, Institute of Health and Society, Faculty of Medicine, University of Oslo, 0450 Oslo, Norway

Challenges, 2024, vol. 15, issue 2, 1-16

Abstract: The rapid growth of the elderly population is a major global demographic and social issue. Unfortunately, there is a shortage of pension plans and social security programmes for this population in developing countries, which has severe consequences for their quality of life and well-being. In this article, we aim to better understand the pension systems in developing country contexts such as Ghana, Pakistan, and Myanmar by reviewing official government materials (for example, pension reports) and the published literature to suggest relevant policy recommendations. We observed several policy implementation gaps and inequities in pension schemes for older people, specifically for informal and private sector workers. Considering the size of formal versus informal economies and the level of development index of each country, we suggest a wide variety of options for pension policies, financing, designing cash benefits, and pension payments to cover all older citizens. This article addresses the unmet needs of the elderly and their wider economic sustainability to ensure social justice and resource utilisation. Governments in developing countries should embrace and establish unique, inclusive, and friendly policies encompassing the informal sector to warrant older adults’ functional and social well-being with dignity and honour.

Keywords: financial wellbeing; social justice; pension schemes; informal sector employment; social wellbeing; Ghana; Pakistan; Myanmar; review (search for similar items in EconPapers)
JEL-codes: A00 C00 Z00 (search for similar items in EconPapers)
Date: 2024
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