Aging population in the Pacific and Asia faces challenges including low pension coverage for health problems and range of other issues, a new Asian Development Bank (ADB) report finds.
By 2050, the number of people aged 60 and older in developing Asia and the Pacific is set to nearly double to 1.2 billion, report stated.
“Asia and the Pacific’s rapid development is a success story, but it’s also fueling a huge demographic shift, and the pressure is rising,” said ADB Chief Economist Albert Park. “Governments need to prepare now if they’re going to be able to help hundreds of millions of people in the region age well. Policies should support lifetime investment in health, education, skills, and financial preparedness for retirement. Family and social ties are also important to foster healthy and productive populations of older people and maximize their contribution to society.’
According to the report, 40% of people over age 60 in Asia and the Pacific lack access to any form of pension—with women disproportionately affected, as they are more likely to do unpaid domestic work.
Because of this many older people in the region have no choice but to work well beyond retirement age to survive. Among those still working at age 65 or older, 94% work in the informal sector, which typically doesn’t provide basic labor protections or pension benefits.
Physical and mental health challenges also increase with age. Around 60% of older people in Asia and the Pacific do not attend or receive regular health checks, while 31% report depressive symptoms owing to illness, social isolation, and economic insecurity.
Older women in the region are also more likely than older men to suffer from ill health, from depression to diabetes and hypertension.
It recommends that Asia and Pacific governments put in place policy measures to support healthy and economically secure aging.
Those policy measures include government-assisted health insurance and pension plans, improved health infrastructure, and free annual check-ups and lifestyle evaluations.
According to the report, policymakers should aim for universal health care coverage, while basic labor protections should be extended to older informal workers.
By making mandatory retirement ages more flexible, helping older people stay healthy, and providing them with suitable work opportunities as well as lifelong learning and skills development, economies in the region can help older people stay productive longer.
According to a study by Oxford Academic in 2023, Palau is facing a rapidly aging population with the percentage of people aged 60 and older projected to increase from 9.9% to 24.6% by 2050.
The study noted that population aging poses significant challenges for both individuals and Palauan society. The increasing burden of noncommunicable diseases (NCDs) is a major public health concern in the country, accounting for 65% of hospital costs and almost 90% of medical referral costs.