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Mobilize finance for social protection in ageing societies

Author

Listed:
  • Zhenqian Huang

    (United Nations Economic and Social Commission for Asia and the Pacific)

  • Vanessa Steinmayer

    (United Nations Economic and Social Commission for Asia and the Pacific)

Abstract

The region is undergoing profound and rapid population changes. In 2017, an estimated 572 million persons aged 60 years or older lived in the Asia-Pacific region, accounting for 60% of the world’s older population. The number is predicted to increase to 1.3 billion in 2050, which means that one out of four persons in the region will be aged 60 years or above. Population ageing affects sustainable development in all its dimensions. Addressing population ageing is aligned with the 2030 Agenda for Sustainable Development particularly in ending poverty, ensuring healthy lives and promote well-being, achieving gender equality, and promoting sustained and inclusive economic growth. Countries have to prepare early with adequate social policies and financial resources to address the challenges of population ageing. Traditionally, families support their ageing parents, both financially and by providing care. However, with smaller families, there will be fewer family members in working age to shoulder this responsibility. In this context, mobilizing resources to finance social protection programmes are imperative to provide security of income and well-being during old age. There is increasing political will to provide social protection to older persons, reflected by an increasing number of countries providing social pensions.2 However, in many cases, policies focus on some aspects of population ageing only.

Suggested Citation

  • Zhenqian Huang & Vanessa Steinmayer, 2018. "Mobilize finance for social protection in ageing societies," MPDD Policy Briefs PB81, United Nations Economic and Social Commission for Asia and the Pacific (ESCAP).
  • Handle: RePEc:unt:pbmpdd:pb81
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