IDEAS home Printed from https://ideas.repec.org/a/gam/jchals/v15y2024i2p27-d1400657.html
   My bibliography  Save this article

Supporting Ageing Populations in Developing Countries: A Comparative Analysis of Pension Schemes and Policy Insights

Author

Listed:
  • Tual Sawn Khai

    (School of Graduate Studies, Lingnan University, Hong Kong, China
    Refugee Law Initiative (RLI), School of Advanced Study, University of London, London WC1E 7HU, UK
    These authors contributed equally to this work.)

  • Jacob Oppong Nkansah

    (Institute of Policy Studies, School of Graduate Studies, Lingnan University, Hong Kong, China
    These authors contributed equally to this work.)

  • Abdul Wali Khan

    (Institute of Policy Studies, School of Graduate Studies, Lingnan University, Hong Kong, China
    Department of Education, College of Education, National Chengchi University, Taipei City 116, Taiwan)

  • Muhammad Asaduzzaman

    (Department of Community Medicine and Global Health, Institute of Health and Society, Faculty of Medicine, University of Oslo, 0450 Oslo, Norway)

Abstract

The rapid growth of the elderly population is a major global demographic and social issue. Unfortunately, there is a shortage of pension plans and social security programmes for this population in developing countries, which has severe consequences for their quality of life and well-being. In this article, we aim to better understand the pension systems in developing country contexts such as Ghana, Pakistan, and Myanmar by reviewing official government materials (for example, pension reports) and the published literature to suggest relevant policy recommendations. We observed several policy implementation gaps and inequities in pension schemes for older people, specifically for informal and private sector workers. Considering the size of formal versus informal economies and the level of development index of each country, we suggest a wide variety of options for pension policies, financing, designing cash benefits, and pension payments to cover all older citizens. This article addresses the unmet needs of the elderly and their wider economic sustainability to ensure social justice and resource utilisation. Governments in developing countries should embrace and establish unique, inclusive, and friendly policies encompassing the informal sector to warrant older adults’ functional and social well-being with dignity and honour.

Suggested Citation

  • Tual Sawn Khai & Jacob Oppong Nkansah & Abdul Wali Khan & Muhammad Asaduzzaman, 2024. "Supporting Ageing Populations in Developing Countries: A Comparative Analysis of Pension Schemes and Policy Insights," Challenges, MDPI, vol. 15(2), pages 1-16, May.
    • Handle: RePEc:gam:jchals:v:15:y:2024:i:2:p:27-:d:1400657
    as

    Download full text from publisher

    File URL: https://www.mdpi.com/2078-1547/15/2/27/pdf
    Download Restriction: no
    File URL: https://www.mdpi.com/2078-1547/15/2/27/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. William Adzawla & Shaibu Azumah Baanni & Roger Fianko Wontumi, 2015. "Factors influencing informal sector workers` contribution to pension scheme in the tamale metropolis of Ghana," Journal of Asian Business Strategy, Asian Economic and Social Society, vol. 5(2), pages 37-45, February.
    2. Robert Holzmann, 2000. "The World Bank Approach to Pension Reform," International Social Security Review, John Wiley & Sons, vol. 53(1), pages 11-34, January.
    3. Emmanuel Sarpong-Kumankoma, 2021. "Financial literacy and retirement planning in Ghana," Review of Behavioral Finance, Emerald Group Publishing Limited, vol. 15(1), pages 103-118, October.
    4. Barr, Nicholas & Diamond, Peter, 2008. "Reforming Pensions: Principles and Policy Choices," OUP Catalogue, Oxford University Press, number 9780195311303, December.
    5. William Adzawla & Shaibu Azumah Baanni & Roger Fianko Wontumi, 2015. "Factors Influencing Informal Sector Workers’ Contribution to Pension Scheme in the Tamale Metropolis of Ghana," Journal of Asian Business Strategy, Asian Economic and Social Society, vol. 5(2), pages 37-45.
    6. Salman Ahmed Shaikh, 2015. "Welfare Potential of Zakat: An Attempt to Estimate Economy wide Zakat Collection in Pakistan," The Pakistan Development Review, Pakistan Institute of Development Economics, vol. 54(4), pages 1011-1027.
    7. Marta Regúlez‐Castillo & Carlos Vidal‐Meliá, 2012. "Individual information for pension contributors: Recommendations for Spain based on international experience," International Social Security Review, John Wiley & Sons, vol. 65(2), pages 1-27, April.
    8. Savita Shankar & Mukul G. Asher, 2011. "Micro‐pensions in India: Issues and challenges," International Social Security Review, John Wiley & Sons, vol. 64(2), pages 1-21, April.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Heenkenda, Shirantha, 2016. "The Determinants of Dropouts from Voluntary Pension Scheme: Evidence from Sri Lanka," MPRA Paper 72481, University Library of Munich, Germany.
    2. Prabashini IGN, 2020. "A Sociological Study on the Problems Faced by the Pensioners in Sri Lankan Context," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 4(9), pages 01-07, September.
    3. Robert Novy-Marx & Joshua D. Rauh, 2012. "Linking Benefits to Investment Performance in US Public Pension Systems," NBER Working Papers 18491, National Bureau of Economic Research, Inc.
    4. Jean-Baptiste Michau, 2011. "Optimal Redistribution with Intensive and Extensive Labor Supply Margins: A Life-Cycle Perspective," Working Papers hal-00639121, HAL.
    5. Johannes Hagen, 2015. "The determinants of annuitization: evidence from Sweden," International Tax and Public Finance, Springer;International Institute of Public Finance, vol. 22(4), pages 549-578, August.
    6. Stefan Domonkos & Andras Simonovits, 2016. "Pensions in transition in EU11 countries between 1990 and 2015," CERS-IE WORKING PAPERS 1615, Institute of Economics, Centre for Economic and Regional Studies.
    7. José Luis Iparraguirre, 2020. "Economics and Ageing," Springer Books, Springer, number 978-3-030-29019-1, October.
    8. Jere R. Behrman & Maria Cecilia Calderon & Olivia S. Mitchell & Javiera Vasquez & David Bravo, 2011. "First-Round Impacts of the 2008 Chilean Pension System Reform," Working Papers wp245, University of Michigan, Michigan Retirement Research Center.
    9. Platon Tinios, 2010. "Vacillations around a Pension Reform Trajectory: time for a change?," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 34, Hellenic Observatory, LSE.
    10. Garcia Huitron, Manuel & Ponds, Eduard, 2016. "Participation and Choice in Funded Pension Plans : Guidance for the Netherlands from Worldwide Diversity," Other publications TiSEM 5351a381-f866-4566-82d8-9, Tilburg University, School of Economics and Management.
    11. Patricia Frericks, 2011. "Angemessene und nachhaltige Renten für alle?: Die geschlechtsspezifische Wirkung des deutschen Rentensystems," Vierteljahrshefte zur Wirtschaftsforschung / Quarterly Journal of Economic Research, DIW Berlin, German Institute for Economic Research, vol. 80(2), pages 119-132.
    12. Nicholas Barr, 2009. "International trends in pension provision," Accounting and Business Research, Taylor & Francis Journals, vol. 39(3), pages 211-225.
    13. Andras Simonovits, 2020. "Indexing public pensions in progress to wages or prices," CERS-IE WORKING PAPERS 2015, Institute of Economics, Centre for Economic and Regional Studies.
    14. Martín Caruso Bloeck & Sebastian Galiani & Pablo Ibarrarán, 2019. "Long-Term Care in Latin America and the Caribbean: Theory and Policy Considerations," Economía Journal, The Latin American and Caribbean Economic Association - LACEA, vol. 0(Fall 2019), pages 1-32, October.
    15. Anna Z¹bkowicz, 2016. "A Paradox Of Reforming Pensions In Poland," Equilibrium. Quarterly Journal of Economics and Economic Policy, Institute of Economic Research, vol. 11(3), pages 585-602, September.
    16. András Simonovits, 2023. "Unexpected inflation and public pensions: the case of Hungary," Public Sector Economics, Institute of Public Finance, vol. 47(4), pages 505-520.
    17. Andras Simonovits, 2018. "Designing pension benefits when longevities increase with wages," CERS-IE WORKING PAPERS 1804, Institute of Economics, Centre for Economic and Regional Studies.
    18. Fabio Bertranou & Esteban Calvo & Evelina Bertranou, 2009. "Is Latin America Retreating From Individual Retirement Accounts?," Issues in Brief ib2009-9-14, Center for Retirement Research, revised Jul 2009.
    19. Salvador Valdés-Prieto, 2009. "The 2008 Chilean Reform to First-Pillar Pensions," CESifo Working Paper Series 2520, CESifo.
    20. Robert Holzmann, 2002. "Can Investments in Emerging Markets Help to Solve the Ageing Problem?," Journal of Emerging Market Finance, Institute for Financial Management and Research, vol. 1(2), pages 215-241, September.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:gam:jchals:v:15:y:2024:i:2:p:27-:d:1400657. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: MDPI Indexing Manager (email available below). General contact details of provider: https://www.mdpi.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.