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Accurate presentation of pension systems of an economy and the comparison of systems across economies are crucial parts of policy analysis. Yet such presentations and comparisons are far from easy. They require a well thought-out methodology, access to detailed information on national systems, verification of information and results by a network of pension experts to provide feedback to improve the quality and applicability of the research over time.
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Pensions are a major policy issue in developed and developing economies alike. However, pension reform is challenging and controversial because it involves long-term planning by governments faced with numerous short-term pressures. It often provokes heated ideological debates and, sometimes, street protests.
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Many of Asia’s retirement-income systems are ill prepared for the rapid population ageing that will occur over the next two decades. The demographic transition – to fewer babies and longer lives – took a century in Europe and North America. In Asia, this transition will often occur in a single generation. Asia’s pension systems need modernising urgently to ensure that they are financially sustainable and provide adequate retirement incomes.
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