Pensions at a Glance Asia/Pacific

Frequency :
Annuel
ISSN :
2309-0766 (en ligne)
ISSN :
2309-0758 (imprimé)
DOI :
10.1787/23090766
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Pensions at a Glance Asia/Pacific 2013

Dernière édition

Pensions at a Glance Asia/Pacific 2013 You or your institution have access to this content

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Auteur(s):
OCDE
Date de publication :
05 nov 2013
Pages :
108
ISBN :
9789264203747 (PDF) ; 9789264203730 (imprimé)
DOI :
10.1787/pension_asia-2013-en

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Pensions are a major policy issue in developed and developing countries alike. However, pension reform is challenging and controversial because it involves long-term planning by governments faced with numerous short-term pressures. It often provokes heated debates and, sometimes, street protests.

Countries can learn valuable lessons from others’ pension systems and their experiences of retirement-income reforms. However, national pension systems are very complicated, involving much institutional, technical, and legal elements. Consequently, international comparisons are very difficult to undertake, making it difficult to transfer policy lessons between countries. Hence, this publication aims to fill this gap, with a particular focus on countries in the Asia/Pacific regions.

This study combines rigorous analysis with clear and easy-to-understand presentations of empirical results. It does not advocate any particular kind of pension system or type of reform. The goal is to inform debates on retirement-income systems with data that people with different visions for the future of pensions can all use as a reference point.

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    Foreword

    Accurate presentation of pension systems of an economy and the comparison of systems across economies are crucial parts of policy analysis. Yet such presentations and comparisons are far from easy. They require a well thought-out methodology, access to detailed information on national systems, verification of information and results by a network of pension experts to provide feedback to improve the quality and applicability of the research over time.

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    Executive summary

    Pensions are a major policy issue in developed and developing economies alike. However, pension reform is challenging and controversial because it involves long-term planning by governments faced with numerous short-term pressures. It often provokes heated ideological debates and, sometimes, street protests.

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    Introduction

    Many of Asia’s retirement-income systems are ill prepared for the rapid population ageing that will occur over the next two decades. The demographic transition – to fewer babies and longer lives – took a century in Europe and North America. In Asia, this transition will often occur in a single generation. Asia’s pension systems need modernising urgently to ensure that they are financially sustainable and provide adequate retirement incomes.

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    Methodology, structure of the report and features of the pension systems

    This report follows the approach adopted in the previous Pensions at a Glance Asia/Pacific publications, and is a microeconomic one looking at prospective individual entitlements under all 21 of the economies pension regimes.

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  • Ouvrir / Fermer Cacher / Voir les résumés Retirement-income indicators

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      • http://www.keepeek.com/Digital-Asset-Management/oecd/finance-and-investment/pensions-at-a-glance-asia-pacific-2013/gross-replacement-rates_pension_asia-2013-5-en
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      Gross replacement rates

      Gross replacement rates, showing pension benefit as a share of individual lifetime average earnings, vary greatly across Asia, from 14.1% in Indonesia to 77.9% in China. These are the extremes for average earners but estimates are also given at 50% and 200% of average earnings. Replacement rates generally decline as earnings increase and are usually higher for men than for women.

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      • http://www.keepeek.com/Digital-Asset-Management/oecd/finance-and-investment/pensions-at-a-glance-asia-pacific-2013/net-replacement-rates_pension_asia-2013-6-en
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      Net replacement rates

      Net replacement rates show greater diversity than the gross replacement rates. They range from 14.4% in Indonesia to 84.7% in China. These are the extremes for average earners but findings are also given at 50% and 200% of average earnings. Replacement rates generally decline as earnings increase, though Malaysia, Viet Nam and Italy do not follow this premise, and are usually higher for men than for women. Results for China and Pakistan are amongst the highest especially for low and average earners. As with gross replacement rates Indonesia and is at the bottom of the rankings.

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      Gross replacement rates with entry at age 30

      Gross replacement rates, for those starting their career at age 30 vary greatly across Asia, from 9.3% in Indonesia to 65.0% in Viet Nam. These are the extremes for average earners but findings are also given at 50% and 200% of average earnings. Replacement rates generally decline as earnings increase and are usually higher for men than for women.

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      Gross pension wealth

      Gross pension wealth, indicating the magnitude of the pension promise, ranges, for men, from a high of 19.1 in China for low earners to a low of 2.6 in Indonesia for high earners. The value for women in China is actually even higher at 19.7, meaning that someone on 50% average lifetime earnings has a mandatory pension worth 19.7 times their earnings level at retirement. China has considerably higher levels than for any other Asian economy, though the values for men in Viet Nam are still over 15 across all the earnings levels.

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      • http://www.keepeek.com/Digital-Asset-Management/oecd/finance-and-investment/pensions-at-a-glance-asia-pacific-2013/net-pension-wealth_pension_asia-2013-9-en
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      Net pension wealth

      Net pension wealth, the present value of the flow of pension benefits, again varies by economy, ranging from 19.1 for men in China (19.7 for women) to 2.6 in Indonesia, for both men and women. As with gross pension wealth the values in China are well above every other economy and are now approximately double the OECD average at every earnings level. However Viet Nam is higher than China at the 200% earnings level, followed by Sri Lanka.

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      Pension earnings link

      The pension earnings link, showing the link between pension entitlements and individual earnings, varies widely between economies. Levels in Indonesia, Hong Kong and particularly New Zealand show that there is virtually no link, whereas Viet Nam, China and Pakistan display a strong link between pension entitlements and individual earnings. The relative pension levels are used here to illustrate the link between individual pre-retirement earnings and pension benefits in each economy. They are shown for individual earnings from 0.5 to 2 times average earnings levels.

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      Coverage

      The level of coverage, the proportion covered by mandatory pension schemes, in non-OECD economies ranges from 55.4% in Hong Kong to only 3.1% in Pakistan, for the population aged 15 to 64. In contrast the OECD average is 64.7% and is as high as 75.0% in Japan. For the labour force the non-OECD economies range from 78.9% to 10.3%, whilst the OECD average increases to 85.6%, with Japan again highest at 95.4%.

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      Life expectancy

      Life expectancy at birth in virtually all non-OECD Asian economies is lower than for all the OECD countries covered. The exceptions are Hong Kong and Singapore which have life expectancies higher than Canada, Germany, New Zealand, the United Kingdom and the United States, and is also above the OECD average. In fact only Japan has a higher life expectancy than Hong Kong. Life expectancy for women in Pakistan is nearly 20 years less than in Japan but if survival to 65 is assumed then the difference drops to exactly ten years, which will impact greatly on future pension systems.

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      Support ratio

      Asia is predicted to have a higher rate of increase in the old-age support ratio than the OECD as a whole, though Korea is a notable exception. The percentage of the population aged 65 and over in Malaysia, Pakistan and the Philippines is projected in 2100 to be about five times the level in 2010. All of the remaining non-OECD economies have a projected increase of at least 180% over the 90 year period, compared to the OECD countries which predominantly have an estimated increase of less than 100%.

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  • Ouvrir / Fermer Cacher / Voir les résumés Pensions at a glance Asia/Pacific: Economy studies

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      Pensions at a glance Asia/Pacific: Economy studies: Introduction

      The economy studies follow a standard schema. First, there is a detailed description of the rules and parameters of the pension schemes:

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      China

      China has a two-tier pension system, consisting of a basic pension and a mandatory employee contribution to a second-tier plan. This system, which was introduced in 1998, was significantly revised in 2006. It covers urban workers and many of the parameters depend on province-wide (rather than national) average earnings.

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      Hong Kong, China

      The Mandatory Provident Fund (MPF) system is an employment-based retirement protection system. Except for exempt persons, employees and self-employed persons who are at least 18 but under 65 years of age are required to join an MPF scheme. MPF schemes are, privately managed, fully funded defined-contribution schemes.

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      India

      Workers are covered under the earnings-related employee pension scheme and defined-contribution employee provident fund administered by the Employees Provident Fund Organization (EPFO) and other employer managed funds. Civil Employees of Central Government who have joined services on or after 1 January 2004 are covered under the Defined Contribution based New Pension System (NPS).

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      Indonesia

      Employees in private sectors are covered by defined-contribution plan.

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      Malaysia

      Private sector employees and non-pensionable public sector employees contribute to the provident fund.

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      Pakistan

      Workers of an industry or establishment with 5 or more employees are required to be insured under earnings-related pension called employees’ old-age benefit scheme.

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      Philippines

      Employees up to age 60 earning more than PHP 1 000 a month are covered by the basic, earnings-related and minimum pensions. There are special systems for government employees and military personnel.

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      Singapore

      The Central Provident Fund (CPF) covers all workers earning a monthly wage of at least SGD 50. CPF is a defined-contribution scheme.

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      Sri Lanka

      Employees in the formal private sector are covered by defined-contribution plans: employee private fund, which is used in the model, employee trust fund or approved private sector provident fund. Civil servants were formally covered by public sector pension scheme, but since 2003 they contribute to defined-benefit type social security scheme called contributory pension scheme.

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      Thailand

      Private sector employees in the formal sectors are covered under the Social Security Fund (SSF). The old-age pension scheme under SSF is a defined-benefit scheme.

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      Viet Nam

      Viet Nam Social Security (VSS) manages and administers social security contributions and benefits (including pensions) for both private sector workers and government workers. The current pension scheme is a pay-as-you-go defined-benefit (PAYG DB) scheme.

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