The Asia-Pacific region is currently home to over half of the world’s elderly population. The region is experiencing population ageing at an unprecedented pace, due to the tremendous improvements in life expectancy combined with falling fertility rates. The number of older persons in the region is expected to triple from 438 million in 2010 to more than 1.26 billion by 2050. By then, almost two thirds of the world’s older persons will be living in the Asia-Pacific, with one in four people in the region expected to be over 60 years old.
ESCAP, in cooperation with the Institute for Policy Studies for Sri Lanka conducted the National Consultation on Pensions in Sri Lanka in Colombo on 23 October 2015. The consultation featured a keynote speech by Mr. W A Wijewardena, Former Deputy Governor of the Central Bank of Sri Lanka on “The Need for Income Security in the Context of Population Ageing in Sri Lanka”, the presentation of a study assessing the status of income security for older persons in Sri Lanka, as well as a panel discussion featuring perspectives of the Government, trade unions, employers, and older persons.
This project working paper discusses the prevailing system of income security for older persons in Sri Lanka with regards to coverage, beneficiaries and sustainability. The paper finds that the current system is inadequate to provide income security for older persons, as the sustainability of several pension funds is at stake and coverage is relatively low. The paper further calculates the cost of providing universal income security in Sri Lanka.
These factsheets provide key demographic data on population ageing in Asia and the Pacific by country. They also provide an overview on policies, programmes and legislative frameworks in select countries, including information on social protection schemes for older persons, policies on healthy ageing and long-term care. Data and information on policies, programmes and legislative frameworks are based on responses received in 2012 to the Regional Survey on Ageing distributed by ESCAP to its member States and associated members.
ESCAP gave a special lecture on "Gaps in pension systems in Asia and the Pacific" in a training course on pension systems, held from 24-26 September 2014 in Seoul, Republic of Korea, organized by the OECD Korea Center and the National Pension Service of the Republic of Korea.
Older persons are playing an increasingly significant role in society as they grow in number and as healthcare improves in some parts of the world.
The number of older persons is expected to more than double, globally, from 841 million people in 2013 to more than 2 billion in 2050. By that year, nearly 8 in 10 of the world’s older population will live in the less developed regions.