Asia Pacific: Pension: Global Action on Aging

China: Lu’an City Will Implement an Allowance System for Senior Citizens Next Year (November 29, 2011)
(Article in Chinese)
From 2012, Lu’an city will implement an allowance system for its senior citizens to enhance its social security system. With the improved quality of life and standard of living, as well as the developed medical care facilities, seniors in Lu’an city are projected to live longer. Hence, Lu’an city will take steps to distribute allowances to senior citizens aged 60 and above.

China: Weishan County: More than 4000 Senior Citizens Will Receive Old-Age Allowances (November 29, 2011)
(Article in Chinese)
This year, Weishan County tallied the number of senior citizens in the county and applied to higher authorities for funds so that they can successfully distribute allowances to these senior citizens. Seniors who are between 80 to 99 years old will receive healthcare allowances, while seniors aged 100 years and above will receive longevity allowances. A total of 4,225 senior citizens can expect to receive their allowances by December 20.

China: Xinjiang’s Altay District Distributed 1.4 Million Yuan of Subsidies to 4628 Senior Citizens (November 17, 2011)
(Article in Chinese)
Since late July this year, Xinjiang’s Altay district has distributed 1.4 million yuan of basic living allowances to 4,628 senior citizens aged 80 and above. This initiative is one of Xinjiang’s 22 major projects aimed at improving public welfare.

China: Six Huge Obstacles of Home-for-Pension Scheme (November 3, 2011)
(Article in Chinese)
Because the government has yet to reveal details of its home-for-pension scheme, many experts believe that it may not effectively alleviate China's aging crisis. Experts state that the plan must satisfy three conditions before it can be implemented: 1) Ownership of property rights, 2) separate living quarters for seniors and their children and 3) care for seniors with modest financial ability. The home-for-pension scheme is laden with obstacles, including inadequate legislation to govern the program, the dominant traditional mindset of children as old age security, the unsatisfactory financial and pension institutions, the seventy-year property ownership limit, and the small number of eligible seniors.

China: Cities Launch Home-for-Pension Scheme; Can the Scheme Change Traditional Retirement Concepts? (November 3, 2011)
(Article in Chinese)
Beijing first proposed the home-for-pension concept on October 21, and has since encouraged its financial organizations to experiment with the idea. Thereafter, Shanghai, Wenzhou and other cities have followed suit. Shanghai has actively been developing its home-for-pension scheme; Wenzhou announced plans to test the concept according to the aims of the 12th five-year plan, while Shandong announced plans to promote the scheme at the end of the year. Nonetheless, people question if the new approach can change China’s traditional retirement model because the implementation is fraught with difficulties. For example, it goes against the convention of having children to ensure old-age security. Thus, most citizens do not think highly of the plan, while experts suggest that the government should work with financial corporations to improve it.

China: China CITIC Bank: An Improved Home-for-Pension Scheme (November 3, 2011)
(Article in Chinese)
A representative of the China CITIC Bank, Li Jing, stated that the newly launched debit card for seniors and pension mortgage schemes were based on an adaptation of foreign reverse mortgage financial models to the domestic model. The new debit card will allow users to enjoy privileges of gold and platinum cardholders, including access to all online services and reduced service charges. The bank will also introduce investment products that offer steadier returns to these users. Unlike foreign models, the bank will expand the home-for-pension scheme to allow seniors and their legal guardians to apply for mortgages. Li Jing concluded that these measures are aligned with the bank and society’s hope to enable seniors to enjoy their golden years.

Japan: Japan May Increase its Pension Age, Permanent Chinese Residents Respond Aggressively (October 21, 2011)
(Article in Chinese)
Permanent Chinese residents who live in Japan responded aggressively against Japan’s consideration of raising of its pension age. The Democratic Party, highly supported by the Chinese, has failed to fulfill most of its promises since it came into power. In the 2009 elections, the Democratic Party proposed that all pensioners should receive a payout of at least 70,000 yen. However, the Party’s recommendation threatens to make Japan a country in which senior citizens cannot claim an adequate pension claims.

China: Beijing Develops Pension Scheme in Next Five Years to Make Senior Citizens Financially Independent (October 21, 2011)
(Article in Chinese)
Beijing will develop its pension scheme over the next five years, experimenting with the home-for-pension concept. Senior citizens may obtain loans through reverse mortgages, so that cash is released from their assets to finance their expenses. Beijing will also provide monthly allowances for senior citizens aged 80 and above in 2015.

Canada: Markets Slam Canadian Pension Plans: Survey (October 21, 2011)
RBC Dexia Investor Service released a report that showed that Canadian pension plans were severely hit by the volatile stock markets in the 2011 third quarter. Canadian equities took the hardest hit. asset type Though the worsening economy does not immediately affect pension payouts, it could require companies to cut benefits or put more money into plans.

China: Qingdao’s Laoshan District to Expand Pension Coverage and Raise Pension Payouts (October 18, 2011)
(Article in Chinese)
Qingdao will invest 630 million yuan to fund its increased pension payouts to 5,400 senior citizens. This move indicates that the district government is taking concrete actions to fulfill its 12th five-year aging development plan. This move is also intended as a gift from the district government to senior citizens in celebration of the upcoming senior citizens’ day.

China: Shanghai’s Multi-Dimensional Approach to Address Aging Challenge (October 18, 2011)
(Article in Chinese)
As the city experiencing the most severe aging in China, Shanghai is looking into corporate pension and personal pension plans to address its aging problem from multiple dimensions. Although Shanghai presently has a comprehensive pension plan in place, its government will increasingly be financially burdened in the years to come. Shanghai wants to implement alternative ways to reduce this burden.

Hong Kong: New Retirement Plans Run into Opposition (October 17, 2011)
Legislative Council welfare panel chairman Cheung Kwok-che commented that the Mandatory Provident Fund plan and citizens’ personal savings do not provide sufficient protection for retirees. Central Policy Unit head Lau Siu-Kai responded that it is difficult to establish a retirement protection plan, as some citizens do not believe that they should set aside their money to subsidize the retirement of others. However, he recognized that the government could strengthen current welfare plans to help the less fortunate.

Korea: Elderly Becoming More Financially Independent (October 14, 2011)
Statistics Korea released a survey that showed that more than one-third of senior citizens support themselves financially. It also revealed that the number of seniors entirely dependent on their children is decreasing. The results imply a correlation between education and financial independence in old age.

China: Release of the 2011 Melbourne Mercer Global Pension Index: China has made Improvements (October 13, 2011)
(Article in Chinese)
The 2011 Melbourne Mercer Global Pension Index revealed that China’s has improved its social security network. However, China still has to enhance its pension system to ensure that its citizens have sufficient retirement savings and to relieve pressure that its citizens face due to the aging crisis.

Japan: The Japanese Government Discusses the Possibility of Increasing Pension Age (October 10, 2011)
(Article in Chinese)
To ameliorate its aging crisis, the Japanese Ministry of Health, Labour and Welfare may consider increasing its pension age to 68 or 70. The government has already decided to increase its pension age for men and women to 65 before 2025 and 2030 respectively.

Thailand: Defusing the Population Bomb (October 10, 2011)
Thammasat University economists collaborated with the National Transfer Accounts project to launch a survey in 2006 on Thai population behavior by age group. The survey results showed that people had less capacity to take care of family members, while no safety net exists to help the aging population. Dr. Mathana urged the government to look at promoting personal savings, making the economy more competitive and enhancing economic growth potential.

China: Xi’an Province Launches “Respect the Elderly Month”; 14,200 Older Persons Will Receive Aid (October 9, 2011)
(Article in Chinese)
Xi’an celebrates its “Respect the Elderly Month” until October 31, during which 14,200 older persons will receive monetary aid. The provincial government will also sponsor 50 rural organizations to enhance developments in rural aging.

Malaysia: Civil Servants Now Allowed To Serve Until They Reach 60 (October 8, 2011)
The retirement age for civil servants in Malaysia is extended by two years to age 60. Older civil servants are also entitled to higher remuneration as a reward for achieving national development goals.

Singapore: Government Reviewing CPF Policies for Older Workers: Tharman (October 3, 2011)
The government is reviewing its policies on Central Provident Fund contribution rates, particularly where older workers are concerned. It is also consulting unionists and employers to see how the review can be performed. Currently, employer and employee contribution rates are cut at age 50, 55, 60 and 65 in order to make older workers more employable.

India: India Takes up Old Challenge (October 2, 2011)
Government officials in Delhi will discuss funding for a project spanning 25 years to study how various socio-economic issues affect India’s senior citizens. Seniors aged 60 and above are often neglected in policy discussions although the burgeoning population of seniors threatens to alter dramatically the existing economic policies. One part of the study will focus on the feminization of the aged. The International Institute of Population Sciences will undertake the study.

China: The Pain of the Pension System in China (October 1, 2011)
(Article in Chinese)
The central government has been transferring increasingly larger amounts of funding to top-up pension payments each year. The government will have to transfer more funds as China’s older population grows. Clearly, the government needs to modify its pension system to make it more sustainable.

Japan: Japan’s Challenge : How to Activate the Potential of the Silver Workforce in an Ageing Society (September 2011)
Japan is facing the issues implied by an ageing society : its ever increasing percentage of people over 65 years old and low fertility rate are a challenge that authorities are trying to meet. For example, the question of how pensions will be funded in the future remains unanswered. But at the same time, it encourages older people to go back to work. The phenomenon called the “Silver Workforce” is valuable to both retirees who stay active, and companies who benefit from a skilled workforce that can pass its know-how on to the younger generation.

China: There is Hope that Seniors Aged 80 and Above Can Claim Supplementary Income, 800 Thousand Seniors in Liaoning Province Might Receive This Benefit (September 30, 2011)
(Article in Chinese)
The supplemental income initiative for older persons may be broadened to include those aged 80 and above. If the initiative is approved, the number of eligible seniors in Shenyang will increase from 10,000 to 180,000. Sociologists claim that this move represents a policy shift towards protecting the seniors instead of merely catering to their needs.

China: Problems in Implementing Pension (September 29, 2011)
(Article in Chinese)
China faces an aging population crisis that challenges what its systems can provide. To ensure old-age security for all senior citizens, individuals must adopt rational family planning strategies while the government must thoroughly develop its pension system.

China: Beijing’s Population Aging Much Faster than the National Average (September 28, 2011)
(Article in Chinese)
The Beijing Times issued a report on Beijing’s aging population census in 2010, which revealed that 26% of the city consists of older people. Experts claim that Beijing’s aging statistics are much higher than the national average. Since 2007, the number of seniors in the city has been increasing every year. Each Beijing resident aged 90 and above is entitled to a monthly allowance.

Malaysia: EPF Wish List: Raise Retirement Age to 60 (September 27, 2011)
The Employees Provident Fund hopes that the government will consider raising the retirement age to 60 from 55 years old. The current long retirement period contributes to inadequate retirement savings, which could snowball into a future social issue.

China: Experts Doubt that China Can Offer Full Pension Coverage by 2015 (September 27, 2011)
(Article in Chinese)
China’s State Council issued a report stating that China’s pension plan will be offered to all seniors residing in agricultural and urban areas by 2015. Some experts and academics doubt the contents of the report because the Chinese government has exceeded its budget on expenditures.

China: Jilin Province Launched Third Stage of Pilot Test on Pension in Agricultural Communities, Providing More Holistic Protection for the Elderly (September 20, 2011)
(Article in Chinese)
The Jilin province residents’ committee launched the third stage of pilot testing its new agricultural pension. The participation rate in the Jilin province greatly surpassed that of the national average, showing that Jilin province has achieved full pension coverage at the administrative level.

China: Pension System Matters More than “Raising Children for Old Age” (September 1, 2011)
(Article in Chinese)
The pension system, as a complex social project, demands both the strength of the government and participation by the whole community, family and individual. China initially established a social pension system based on home care, with Chinese characteristics of community and institutional cooperation. It is now suggested that the system be defined by providing a supply system based on responsibilities taken on by different levels of government, family and market.

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