The Retirement Provisions in China,Hong Kong,Singapore and Taiwan: Perspectives on Policy Inputs and Social Outputs

This paper aims to develop an integrated policy index system using a Surface Measure of Overall Performance (SMOP) approach to comprehensively evaluate and compare the policy input and social output of the retirement payment system in urban and rural China, Hong Kong, Singapore and Taiwan. With this, a tool may be developed to help insightfully examine the old‐age income policies and appropriately, and perhaps theoretically in the future, categorize the types of retirement provisions or social security policies as a whole in the East and West. The results indicate that, particularly in urban China, Hong Kong, Singapore and Taiwan, a low level of de‐familization and medium and high levels of gender equality are the common features of these five pensions in China, Hong Kong, Singapore and Taiwan. Furthermore, it is found that the retirement provisions in China, Hong Kong, Singapore and Taiwan can well be divided into two groups based on the level of pension right protection and illustrate different characteristics between them accordingly. In addition, policy implications and suggestions for further reforms of these retirement payment schemes are elaborated in the light of the findings of this policy index system.     

Health Financing in Singapore: A Case for Systemic Reforms

This paper assesses Singapore's healthcare financing arrangements in terms of their efficiency, fairness, and adequacy. Singapore represents an interesting case study because it is perhaps the only high‐income, rapidly ageing country to rely on mandatory savings to finance healthcare, thus eschewing extensive risk‐pooling arrangements, generally regarded as efficient and equitable. The paper argues that parametric reforms, i.e. relatively minor changes in the parameters of current schemes which preserve the existing philosophy and system design, will not be sufficient to meet healthcare financing objectives. Systemic reforms, which will bring Singapore into the mainstream of health financing arrangements found in the OECD countries, are urgently needed. Their design and timing should be based on good quality, timely and relevant data, and an environment conducive to vigorous debate.     

The Future of Retirement Protection in Southeast Asia

This paper analyses the formal retirement protection systems in five economically successful, rapidly industrializing, and globalized economies of Southeast Asia: Indonesia, Malaysia, the Philippines, Singapore, and Thailand. It finds that while there are major differences in the formal retirement protection systems of the five countries in terms of coverage; contribution rates; scope and nature of preretirement schemes; investment patterns, practices and performance; replacement rates; administrative and compliance efficiency; and regulatory structures, the main common feature (with the exception of the Philippines) is aversion to social insurance and predominant reliance on individual provision through publicly mandated and managed provident funds. While these systems do minimize the fiscal burden on the State and thereby help maintain international competitiveness, they provide socially inadequate levels of retirement protection and are weak in ensuring efficiency of the saving-investment process. Moreover, several design and institutional features prevent full realization of many of the advantages of the provident funds found in these countries. They may, therefore, benefit by following the worldwide pension reform debate more closely, particularly concerning design and institutional and regulatory structures for mandatory defined-contribution schemes.     

Meeting healthcare costs: the case of childhood cancer in Singapore

Social security in Singapore is met by a compulsory personal savings scheme under the Central Provident Fund. Part of these savings go towards the individual's healthcare needs which are met through a spectrum of three schemes – Medisave, Medishield and Medifund, or the '3Ms'. This study examines the effectiveness of the '3Ms' in making healthcare services affordable to families with cancer-stricken children. The extent to which the '3Ms' support costly cancer treatment is an indication of the healthcare financing system's ability to meet diverse healthcare needs. Literature research and interviews with medical social workers and families with cancer-stricken children indicate that the '3Ms' are unable to support these families' medical needs without the help of voluntary welfare organisations. This suggests that there is a need to question a rigid adherence to financial prudence and consider a more flexible healthcare system that is responsive to varied needs.     

Lessons learned from three Southeast Asian countries during the COVID-19 pandemic

Several scholars have focused on the COVID-19 case studies in Europe and USA, leaving the people in Southeast Asia with little information about the lesson learned from their own case studies. This study aims to analyses case studies through the SEIR model in three Southeast Asia countries including Singapore, Malaysia, and Indonesia. The SEIR model incorporates two types measures including social behavior and lockdowns as well as hospital preparedness. The SEIR model reveals that Malaysia, despite its relatively low testing capacity but with the application of the national lockdown, can slash the coronavirus transmission while Indonesia has still struggled to contain the COVID-19 flow owing to partial lockdowns. Singapore, at one hand, can successfully contain the coronavirus due to the national lockdowns, and the better healthcare system. With this point in mind, it is not surprising that Singapore has very low fatality rates and significantly low cases after lockdowns. Better preparedness lockdowns, and sufficient testing capacity are keys to controlling the COVID-19 flow, especially if the development of vaccines or distribution of respective vaccines is under progress.     

Housing policy and asset building: exploring the role of home ownership in East Asian social policy

Western societies promote home ownership in the belief that it provides a means to build up individual welfare and security, potentially offsetting the inadequacy of social security to meet needs in retirement. Some East Asian economies have long focused on advancing ‘asset building’ through housing policy. These efforts have two purposes: to use housing investment to drive economic development and to build family assets throughout life as a component of income protection for old age. These purposes work well in some countries but not as well in others. In policy terms, the common element among them is that governments promote home ownership as a component of social policy or as a complement to mainstream welfare. This article examines how home ownership fares as a form of asset-based welfare in selected East Asian countries (Singapore, Hong Kong and Japan) and considers the implications for understanding the role of institutions in development.     

ISSUES AFFECTING WOMEN'S RETIREMENT PLANNING

There has been a steep rise over the past 20 years in the proportion of women who enter the workforce, with a concomitant increase in the number of women who will be retiring in the next 20 years. In the past, the majority of women over 60 have either been supported by their husbands superannuation benefits, or have been dependent on a government pension. This situation is unlikely to continue; it is becoming increasingly essential for women to make provision for their own post-retirement income. However available evidence suggests that women are not effectively planning for their retirement and are increasingly at risk of facing a life of poverty in their old age. This research project examines some of the factors that impact on women's capacity to effectively plan their retirement. In particular, the research explores the attitudes of women to retirement planning, access to information, and external impediments particularly labour market conditions.     

Employers and the Management of Retirement

In the UK early withdrawal from the labour market is seen as a risk and a cost, worsening the dependency ratio, raising public and private pension costs and threatening additional welfare expenditure over the longer term. Explanations of the retirement process have focused on the welfare state and the impact of pensions and other social security policies. This paper argues that a missing actor in these accounts is the employing organization. Early retirement in the UK has been predominantly driven by the labour requirements of employers rather than state policies to encourage older workers to take early retirement. There is a case for arguing that significant change in retirement behaviour in the UK will come primarily from the modification of employers’ policies. This research is a case study of three employers: one public‐sector and two commercial. It examines the dynamics of the retirement decision. This paper reports the public‐sector case. The findings indicate that employers, in order to reduce their pensions liabilities and stem the cost of early retirement, are trying to regain control of the retirement process. The employees interviewed felt they experienced little choice concerning their retirement, had limited knowledge of the options open to them and found pensions complicated and confusing.     

Between labour market and retirement pension — flexible transition as a new paradigm for ageing societies?

Increasing the pensionable age due to rising life expectancy meets strong political resistance. For health and labour market reasons it will always be impossible for some to achieve full pension eligibility directly from employment. Even if early retirement options are not restricted the scope for an accumulation of earnings to fund an early pension is often narrowly defined. Consequently, it is impossible for early retirees to compensate for the reductions in the pension they receive. Contrary to the general tendency to increase the pensionable age an alternative reform proposal is currently under discussion in German social policy circles. This involves free choice of retirement at age 60; unlimited accumulation of additional pension entitlements whilst earning; actuarial deductions for early retirement; and consideration of life expectancy in making adjustments to pension awards. This solution relieves the public pension system financially, raises the attractiveness of senior citizens on the labour market, offers the opportunity for a self‐determined transition from work to retirement and reduces political resistance to pension reform. The effect on the labour market for senior citizens remains to be examined.     

Ageing Baby Boomers in Australia: Evidence Informing Actions for Better Retirement

The first Australian baby boomers are starting to retire. Consequently, it is essential to develop and apply a strong evidence base to facilitate their successful retirement and ongoing wellbeing. This review focuses on recent literature on pre‐retirement baby boomers to identify available research findings and gaps to be filled on retirement preparation. A notable shortage of empirical literature was found on pathways to retirement and financial plans. A trend emerged towards an intention to retire at an older age, and the main source of retirement income was expected to be superannuation. Over half of Australian boomers expect their savings to be sufficient; however, 30–50% anticipate a decline in their standard of living. The majority want the responsibility for funding retirement shared between the individual, government and employers. Further research is needed on the varying plans and expectations of men and women, of low‐skilled workers, and those from culturally diverse backgrounds.     

Just deserts? ‘Privatisation’ and the history of deservingness in Australia's retirement incomes system

Over the last few decades, changes in Australia's retirement incomes policy, including the introduction of compulsory superannuation, have seen governments encourage individuals to provide for their own old age from private means. This process has been described as ‘privatisation’ of retirement incomes. However, beyond the ‘privatisation’ thesis, there has been little critical examination of what these changes have meant for the nature and relative importance of the different principles underpinning Australia's retirement incomes system. This paper aims to provide such an examination. Drawing on the principles of deservingness and need, the paper provides an historical analysis of the development of Australia's retirement incomes system, tracing how these two principles underpinned the first age pension and subsequently contributed to the emergence of compulsory superannuation. This approach provides a deeper understanding of how contemporary policy changes have altered the structure of Australia's retirement incomes system, arguing that there are important historical continuities as well as changes. It argues that the phrase ‘state‐supported private saving’, rather than ‘privatisation’, captures the nature of this contemporary reform process.     

Healthcare in India: Changing the Financing Strategy

The way in which healthcare is financed is critical for equity in access to healthcare. At present the proportion of public resources committed to healthcare in India is one of the lowest in the world, with less than one‐fifth of health expenditure being publicly financed. India has large‐scale poverty and yet the main source of financing healthcare is out‐of‐pocket expenditure. This is a cause of the huge inequities we see in access to healthcare. The article argues for strengthening public investment and expenditure in the health sector and suggests possible options for doing this. It also calls for a reform of the existing healthcare system by restructuring it to create a universal access mechanism which also factors in the private health sector. The article concludes that it is important to over‐emphasize the fact that health is a public or social good and so cannot be left to the vagaries of the market.     

何时方休?——中国老年人就业参与的队列分析

推迟退休年龄是应对人口老龄化的重要措施.利用第六次人口普查汇总数据,以40岁为年龄起点分析从中年到老年就业参与状况,并结合"五普"数据运用队列分析方法探讨老年人口就业状况的变化轨迹.结果显示,在法定退休年龄处,人口在业比例有一个明显的下降梯度,但法定退休年龄对老年群体的就业行为影响程度存在明显的城乡差异.城镇人口在业比例在50-60岁间明显下降,而农村人口在业比例下降则发生在60岁以后.此外,在业老年人口中超过80%为农村老年劳动力.虽然当前在农村地区并未实行退休制度,但农村养老金的发放以退休年龄为起点,因此,在调整退休年龄时需要特别关注农村老人,避免养老金的延迟发放使其陷入贫困和老无所依.     

日本“团块世代”的退休影响分析

2007年开始,日本“团块世代”按照企业60岁退休制度陆续退休。团块世代一直支撑着日本技术。因此,“团块世代”退休给企业造成技能继承问题。日本政府出于缩减社会保障支出的考虑,制定了65岁退休的政策。基础年金也从65岁开始给付。这给“团块世代”带来就业压力。同时,也给企业的继续雇佣和国家的社会保障及财政带来沉重的负担。     

佛陀与现代世界

本文系1998年诺贝尔经济学奖得主阿马蒂亚·森教授于2009年2月18日在新加坡“佛教横跨亚洲：物质、知识与文化交流的网络”学术研讨会上的主旨演讲。这次国际会议是新加坡近年来所举办的最大规模的佛教会议。佛教对于亚洲以及亚洲的文化互动曾产生重大影响，而且至今与现代世界息息相关。负责此次研讨会组织工作的亚洲佛教研究中心主任沈丹森教授嘱译者将阿马蒂亚·森教授的演讲译成中文。本刊特发此文，以飨读者。     

The economics and politics of retirement incomes policy in Australia

The process of adjustment to the changing demographic balance in Australia over recent years has resulted infrequent and complex changes in Australia's retirement income arrangements. Many people have found great difficulty in understanding how these new arrangements are supposed to work. This article describes some of these recent changes and the factors that triggered them. It also examines what the elderly's reactions to these changes indicate about the nature of the "politics of ageing". Beginning with an overview of population ageing in Australia, it then briefly outlines the major features of the country's retirement income system. This is followed by an examination of the factors that triggered the recent changes in retirement income arrangements. The last section describes the political response of Australia's elderly to these changes.     

The decline of substitute pathways into retirement: Empirical evidence from the Dutch health care sector

Early retirement schemes and disability insurance in the Netherlands have undergone several reforms in recent decades. The reforms have increased incentives for older workers to continue working and have decreased the roles of “substitute pathways” into retirement. This article gives an overview of the reforms and, using administrative data for workers in the health care sector, tests a number of hypotheses about the labour market participation of older workers. The results offer two main findings: i) that the Dutch reforms have indeed been effective, as the labour force participation rate of older workers has increased; and ii) the concept of “substitute pathways” has become less relevant as the use of disability insurance has been closed off as an exit route to early retirement. Nevertheless, caution is required before generalizing the implications of these Dutch findings to other OECD countries.     

Why the Young Do Not Buy Long-Term Care Insurance

This paper explains why those individuals who purchase long-term care insurance usually postpone their decision until they reach the age of retirement. This behavior is shown to be rational if there are fixed costs of loading or if there is uncertainty about the costs of disability. Individuals with a low risk of becoming disabled before retirement may prefer to buy insurance late in order to avoid losses in expected income. However, if the probability of becoming disabled after retirement is uncertain, it is generally preferable to buy long-term care insurance early.     

Reactions to social security retirement reform proposals in the United States

For some time the actuarial imbalance between revenues and benefit payments in the Social Security retirement programme in the United States has been a concern for decision makers, professional analysts, and the public. In response to this actuarial imbalance, President George W. Bush proposed in 2004 that changes be made in the method whereby Social Security benefits are determined and that individual investment accounts be established under the rubric of Social Security. The debate over the issue was intense, but it was effectively stilled by the middle of 2005. The probable legacy of the 2004‐05 debate is that limits have been placed upon future options to deal with the Social Security programme's financial difficulties. This article identifies those constraints which, together, constitute the new public policy “template” for future debates relating to the Social Security retirement programme in the United States.     

The Present Retirement Crisis and How Social Workers Can Respond

ABSTRACT

Research on Americans’ retirement readiness indicates a wide range of preparedness for the golden years. Called a “crisis” by researchers, retirement for some may include significant choices: continued employment or utilization of social welfare services. This article describes factors contributing to the retirement crisis and roles social workers can play in assisting older retirees. Disparity in household retirement savings exists by ethnicity. On the front lines serving aging individuals and their families, social work professionals are well situated to collaborate with individuals, and other providers, to address financial, social and emotional pillars necessary in facilitating a safe and secure retirement.