The Straits Times
Published on Sep 25, 2012

Asian miracle workers head for poor old age


MANILA (AFP) - Hundreds of millions of workers behind Asia's economic miracle are heading into uncertain old age after governments failed to set aside enough funds for their pensions, said a book released on Tuesday.

"Without far-reaching reforms, the financial burdens of these (Asian pension) schemes on future workers may become politically unacceptable," said the book, edited by Asian Development Bank principal economist Park Donghyun.

The book, Pension Systems in East And South-east Asia: Promoting Fairness And Sustainability, forecast current or looming problems both in rapidly greying East Asia as well as younger South-east Asia.

"Just as Asia's economic landscape was transformed... due to exceptionally rapid growth, its demographic landscape is transforming due to a change in population age structure that is unprecedented both in its scale and speed," it said.