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Developing Asia and the Pacific is unprepared to secure the well-being of its rapidly aging population as the growing share of older people in the region faces challenges from low pension coverage to health problems, social isolation and limited access to essential services.
The number of people aged 60 and older in developing Asia and the Pacific is set to nearly double by 2050 to 1.2 billion—or about a quarter of the total population—significantly increasing the need for pension and welfare programs as well as health care services. “Asia and the Pacific’s rapid development is a success story, but it’s also fueling a huge demographic shift, and the pressure is rising,” said ADB chief economist Albert Park.“Governments need to prepare now if they’re going to be able to help hundreds of millions of people in the region age well. Policies should support lifetime investment in health, education, skills, and financial preparedness for retirement.
Many older people in the region have no choice but to work well beyond retirement age to survive. Among those still working at age 65 or older, 94 percent work in the informal sector, which typically doesn’t provide basic labor protections or pension benefits.
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