The Asian Development Bank (ADB) says that the developing nations of Asia and the Pacific are ill-equipped to meet the needs of their rapidly aging populations.
The region’s growing elderly demographic faces numerous challenges, including low pension coverage, health issues, social isolation, and limited access to essential services.
By 2050, the number of individuals aged 60 and above in developing Asia and the Pacific is projected to nearly double, reaching 1.2 billion, approximately a quarter of the total population. With this demographic shift, there is an urgent need for adequate pension, welfare programs, and improved healthcare services.
ADB’s report “Aging Well in Asia: Asian Development Policy Report” also emphasizes the importance of “silver dividend,” an additional productivity from older individuals that could potentially increase the region’s gross domestic product by 0.9%.
According to ADB, 40% of individuals aged over 60 in Asia and the Pacific lack access to any form of pension, disproportionate number of them women. Consequently, many older individuals are forced to continue working well beyond retirement age merely to make ends meet. Among those still employed at age 65 or older, 94% work in the informal sector, which typically fails to provide basic labor protections or pension benefits.
Roughly 60% of older individuals in Asia and the Pacific do not receive regular health checks, and 31% report depressive symptoms resulting from illness, social isolation, and economic insecurity.
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