Friday, February 03, 2012

[IWS] OECD: PENSIONS AT A GLANCE: ASIA/PACIFIC 2011 [25 January 2012]

IWS Documented News Service

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Institute for Workplace Studies----------------- Professor Samuel B. Bacharach

School of Industrial & Labor Relations-------- Director, Institute for Workplace Studies

Cornell University

16 East 34th Street, 4th floor---------------------- Stuart Basefsky

New York, NY 10016 -------------------------------Director, IWS News Bureau

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OECD

 

PENSIONS AT A GLANCE: ASIA/PACIFIC 2011 [25 January 2012]

http://www.oecd.org/document/27/0,3746,en_2649_34757_49427099_1_1_1_1,00.html

 

The report analyses the retirement income systems of 16 Asian countries, including Australia, China, India, Indonesia, Pakistan, the Philippines and Vietnam.

 

Country profiles

Southeast Asia

China

Hong Kong

Indonesia

Malaysia

Philippines

Singapore

Thailand

Vietnam

 

South Asia

India

Pakistan

Sri Lanka

 

Press Release 25 January 2012

Urgent reform key to securing Asia’s pension systems, says OECD
http://www.oecd.org/document/4/0,3746,en_21571361_44315115_49454212_1_1_1_1,00.html

 

25/01/2012 - Asia’s pension systems need modernising urgently to deliver secure, sustainable and adequate retirement incomes for today’s workers, according to a new OECD report.

 

Pensions at a Glance: Asia/Pacific 2011 says that many of the region’s retirement-income systems are ill prepared for the rapid population ageing that will occur over the next two decades.

Between now and 2050, the population aged over 65 in non-OECD Asia/Pacific economies will nearly triple, from 6% to 17%.

Today, pension levels are high relative to earnings in some countries, such as China, Vietnam and Pakistan. Early retirement ages, especially for women, provide additional financial pressure. Many countries’ pension systems are also unlikely to deliver secure incomes in old age, due to four reasons:

*       Coverage of formal pension systems is relatively low;

*       Withdrawal of savings before retirement is very common;

*       Pension savings are often taken as lump sums with the risk that people outlive their resources; and

*       Pensions in payment are not automatically adjusted to reflect changes in the cost of living.

The report analyses the retirement income systems of 16 Asian countries, including Australia, China, India, Indonesia, Pakistan, the Philippines and Vietnam.

 

 

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# posted by SBasefsky : 7:41 AM




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