BANDAR SERI BEGAWAN (Borneo Bulletin/ANN): With economies in developing Asia ageing rapidly, the share of older people in Brunei is expected to double from 10 per cent to 20 per cent in 16 years, said the Asian Development Bank (ADB).
The bank in its report Ageing well in Asia; Asian Development Policy released on Thursday, noted that the number of people aged 60 and older in developing Asia and the Pacific is set to nearly double by 2050 to 1.2 billion – or about a quarter of the total population – significantly increasing the need for pension and welfare programmes as well as healthcare services.
Some economies in developing Asia are ageing rapidly, while others are undergoing a more gradual transition.
The speed of ageing, measured by the number of years required for the share of older people to double from 10 per cent to 20 per cent, has been rapid in Singapore at 17 years, Thailand at 18 years, and Korea at 19 years.
Of the 38 economies that have not yet reached the 20 per cent threshold, 13 will do so by 2050.
Among them, the transition is expected to take 13 years in Maldives, 16 years in Brunei Darussalam, and 21 years in Azerbaijan, Bhutan, and Palau.
Asia’s ageing population will affect a wide range of economic and social indicators, including economic growth and fiscal balances.
Economies will also have an opportunity to reap a “silver dividend” in the form of additional productivity from older people, which could boost gross domestic product in the region by 0.9 per cent on average.
“Asia and the Pacific’s rapid development is a success story, but it’s also fuelling 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 maximise their contribution to society.”
According to the report, 40 per cent of people over 60 years 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.
As a result, 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 per cent work in the informal sector, which typically doesn’t provide basic labour protections or pension benefits.
Physical and mental health challenges also increase with age. Around 60 per cent of older people in Asia and the Pacific do not attend or receive regular health checks, while 31 per cent report depressive symptoms owing to illness, social isolation, and economic insecurity.
The region’s older women are also more likely to suffer from ill health than older men, from depression to diabetes and hypertension.
The report recommends a wide range of policy measures to support healthy and economically secure ageing.
Among these are government-assisted health insurance and pension plans, improved health infrastructure, and free annual check-ups and lifestyle evaluations.
Policy makers should aim for universal health care coverage, while basic labour protections should be extended to older informal workers, according to the report.
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. – Borneo Bulletin/ANN
