How Can China Provide Income Security for Its Rapidly Aging Population?.
How Can China Provide Income Security for Its Rapidly Aging Population?.

Author: Estelle James

Publisher:

Published: 1999

Total Pages:

ISBN-13:

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October 1996 If China implements a partially funded multipillar pension system, that reform must go hand-in-hand with reform of the financial sector and restructured investment procedures that emphasize the right mix of competition, diversification, and regulation. Otherwise, pension reform will ultimately fail. Friedman, James, Kane, and Queisser discuss key choices policymakers face about China's pension system in the face of a rapidly aging population. (Many developing countries face the same problem, but China's problems are exacerbated by the long-term effects of its one-child family planning policy.) They describe the problems the current pay-as-you-go system faces in the near and long term and simulate policy options for solving those problems. They find that simple design changes - such as reducing the generous benefit rate, moving toward price indexing rather than wage indexing, and raising the retirement age - are necessary but not sufficient conditions for making the pension system sustainable. Partial funding is necessary to avoid large increases in future contribution rates. They investigate the impact on the old-age system and economic growth of a multipillar system that includes a modest mandatory tax-financed basic benefit plus a mandatory fully-funded defined-contribution (individual account) scheme. Implementation of a partially funded multipillar pension system must go hand-in-hand with reform of the financial sector and restructured investment procedures that emphasize the right mix of competition, diversification, and regulation. Otherwise, China's pension reform will ultimately fail. This paper - a product of the Poverty and Human Resources Division, Policy Research Department - is part of a larger effort in the department to analyze the impact of pension systems and pension reform.

Aging in Asia
Aging in Asia

Author: National Research Council

Publisher: National Academies Press

Published: 2012-07-31

Total Pages: 486

ISBN-13: 0309254094

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The population of Asia is growing both larger and older. Demographically the most important continent on the world, Asia's population, currently estimated to be 4.2 billion, is expected to increase to about 5.9 billion by 2050. Rapid declines in fertility, together with rising life expectancy, are altering the age structure of the population so that in 2050, for the first time in history, there will be roughly as many people in Asia over the age of 65 as under the age of 15. It is against this backdrop that the Division of Behavioral and Social Research at the U.S. National Institute on Aging (NIA) asked the National Research Council (NRC), through the Committee on Population, to undertake a project on advancing behavioral and social research on aging in Asia. Aging in Asia: Findings from New and Emerging Data Initiatives is a peer-reviewed collection of papers from China, India, Indonesia, Japan, and Thailand that were presented at two conferences organized in conjunction with the Chinese Academy of Sciences, Indian National Science Academy, Indonesian Academy of Sciences, and Science Council of Japan; the first conference was hosted by the Chinese Academy of Social Sciences in Beijing, and the second conference was hosted by the Indian National Science Academy in New Delhi. The papers in the volume highlight the contributions from new and emerging data initiatives in the region and cover subject areas such as economic growth, labor markets, and consumption; family roles and responsibilities; and labor markets and consumption.

Handbook of the Economics of Population Aging
Handbook of the Economics of Population Aging

Author: John Piggott

Publisher: Elsevier

Published: 2016-11-21

Total Pages: 1080

ISBN-13: 0444634045

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Handbook of the Economics of Population Aging synthesizes the economic literature on aging and the subjects associated with it, including social insurance and healthcare costs, both of which are of interest to policymakers and academics. These volumes, the first of a new subseries in the Handbooks in Economics, describe and analyze scholarship created since the inception of serious attention began in the late 1970s, including information from general economics journals, from various field journals in economics, especially, but not exclusively, those covering labor markets and human resource issues, from interdisciplinary social science and life science journals, and from papers by economists published in journals associated with gerontology, history, sociology, political science, and demography, amongst others. - Dissolves the barriers between policymakers and scholars by presenting comprehensive portraits of social and theoretical issues - Synthesizes valuable data on the topic from a variety of journals dating back to the late 1970s in a convenient, comprehensive resource - Presents diverse perspectives on subjects that can be closely associated with national and regional concerns - Offers comprehensive, critical reviews and expositions of the essential aspects of the economics of population aging

Pension Systems and Old-Age Income Support in East and Southeast Asia
Pension Systems and Old-Age Income Support in East and Southeast Asia

Author: Donghyun Park

Publisher: Routledge

Published: 2012-03-15

Total Pages: 283

ISBN-13: 1136579397

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Old age income support will be one of the biggest social and economic challenges facing Asia in the twenty-first century. The growing spotlight on old age income support is largely due to exceptionally rapid population aging which is fundamentally reshaping Asia’s demographic profile. A young continent reaping the demographic dividend of a large youthful workforce is giving way to a greying continent where the ratio of retirees to workers is on the rise. In contrast to industrialized countries, most Asian countries do not yet have mature, well-functioning pension systems. As a result, they are ill prepared to provide economic security for the large number of retirees who loom on the region’s horizon. This book takes a close look at the pension systems of eight countries in East and Southeast Asia – namely, China, Indonesia, Korea, Malaysia, Philippines, Singapore, Thailand and Vietnam – which encompass a wide range of income and development levels. The book provides a comprehensive overview of pension systems in the eight countries, including an in-depth diagnosis to identify their major weaknesses and shortcomings. On the basis of the diagnosis, the book sets forth concrete and specific policy options for reforming Asia’s pension systems. Many policy options for reform are country-specific. For example, a top priority in China is to extend the pension system to rural areas. At the same time, a number of reforms – such as the need to extend coverage – resonate across the entire region. Appropriate reform will enable the region’s pension systems to deliver affordable, adequate and sustainable old-age economic security.

Aging, Economic Growth, and Old-age Security in Asia
Aging, Economic Growth, and Old-age Security in Asia

Author: Donghyun Park

Publisher: Edward Elgar Publishing

Published: 2012-01-01

Total Pages: 321

ISBN-13: 1781953600

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Population aging is perhaps the single biggest economic and social obstacle confronting AsiaÕs future. The region-wide demographic transition towards an older population is fundamentally reshaping the demographic landscape, and is giving rise to two key socio-economic challenges. This timely book provides an in-depth analysis of these challenges and presents concrete policy options for tackling them. First, the expert contributors argue, Asia must find ways to sustain rapid economic growth in the face of less favorable demographics, which implies slower growth of the workforce. Second, they contend, Asia must find ways to deliver affordable, adequate and sustainable old-age economic security for its growing elderly population. Underpinned by rigorous analysis, a wide range of concrete policy options for sustaining economic growth while delivering economic security for the elderly are then presented. These include Asia-wide policy options Ð relevant to the entire region Ð such as building up strong national pension systems, whilst other policy options are more relevant to sub-groups of countries. This stimulating and informative book will be of great interest to academics, students and researchers with an interest in Asian studies, economics generally, and more specifically, public sector economics.

Development in an Ageing World
Development in an Ageing World

Author: United Nations. Department of Economic and Social Affairs

Publisher:

Published: 2007

Total Pages: 216

ISBN-13: 9789211091540

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Greater longevity is an indicator of human progress in general. Increased life expectancy and lower fertility rates are changing the population structure worldwide in a major way: the proportion of older persons is rapidly increasing, a process known as population ageing. The process is inevitable and is already advanced in developed countries and progressing quite rapidly in developing ones. The 2007 Survey analyses the implications of population ageing for social and economic development around the world, while recognising that it offers both challenges and opportunities. Among the most pressing issues is that arising from the prospect of a smaller labour force having to support an increasingly larger older population. Paralleling increased longevity are the changes in intergenerational relationships that may affect the provision of care and income security for older persons, particularly in developing countries where family transfers play a major role. At the same time, it is also necessary for societies to fully recognise and better harness the productive and social contributions that older persons can make but are in many instances prevented from making. The Survey argues that the challenges are not insurmountable, but that societies everywhere need to put in place the policies required to confront those challenges effectively and to ensure an adequate standard of living for each of their members, while respecting and promoting the contribution and participation of all.

China's Pension System
China's Pension System

Author: Mark C. Dorfman

Publisher: World Bank Publications

Published: 2013-03-08

Total Pages: 264

ISBN-13: 0821395416

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Comprehensive reform of China s pension and social security system is an essential element of achieving its objectives of a harmonious society and sustainable development.

Data you need to know about China
Data you need to know about China

Author: Li Gan

Publisher: Springer

Published: 2013-09-02

Total Pages: 0

ISBN-13: 9783642381508

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Since the beginning of the 21st century, China has been experiencing a dramatically rapid economic development. What is the real life of Chinese people like under China’s steady GDP fast growth? How rich are the rich and how poor are the poor? This book provides first-hand data on standards of living in Chinese households, which may help to answer the above questions. The Survey and Research Center for China Household Finance conducted the first and only nationally representative survey on household finance in China in 2011. The China Household Finance Survey (CHFS) collected the micro-level information of Chinese households’ demographics, housing and financial assets, debt and credit constraints, income and expenditures, social welfare and insurance, intergenerational transfer payments, employment and payment habits. Readers will receive a vivid picture of wealth disparity, real estate market developments, social welfare status, household financial behaviors and other economic issues in today’s China. The China Household Finance Survey has a guiding significance for a realistic strategy adjustment and is also a major breakthrough in the subject’s development at universities. Li Daokui, Professor at Tsinghua University. The China Household Finance Survey (CHFS) is an in-house interview survey with a large influence in China. The CHFS's sample includes both urban and rural households, which is very important to the study of the overall household finance of China. Hongbin Li, Economist, Professor of Tsinghua University. Research Report of China Household Finance Survey•2012 bridges a major gap in the household finance field in China, and will have far-reaching academic and policy-making implications. Liu Yuzhen, Professor at Peking University.

Demography of Aging
Demography of Aging

Author: National Research Council

Publisher: National Academies Press

Published: 1994-02-01

Total Pages: 424

ISBN-13: 0309050855

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As the United States and the rest of the world face the unprecedented challenge of aging populations, this volume draws together for the first time state-of-the-art work from the emerging field of the demography of aging. The nine chapters, written by experts from a variety of disciplines, highlight data sources and research approaches, results, and proposed strategies on a topic with major policy implications for labor forces, economic well-being, health care, and the need for social and family supports.