ISLAMABAD: Developing Asia and the Pacific are facing significant challenges in addressing the needs of their rapidly aging population, Asian Development Bank said in a report.
Despite the region’s impressive development strides, there is a pressing need for comprehensive policy reforms to ensure the well-being of older individuals.
The Asian Development Bank (ADB) has highlighted in its latest report, “Aging Well in Asia,” that the number of people aged 60 and above in the region is projected to nearly double by 2050, reaching 1.2 billion. This demographic shift necessitates urgent attention to issues such as pension coverage, healthcare access, and social integration.
While longer lifespans are a testament to progress, they also bring forth economic and social implications. The report emphasizes the importance of implementing policies that support lifelong investment in health, education, and financial preparedness for retirement. Furthermore, fostering strong family and social ties is crucial for promoting the well-being and productivity of older individuals.
One of the key findings of the report is the significant lack of pension coverage, particularly affecting women who often engage in unpaid domestic work. Consequently, many older individuals are compelled to work beyond retirement age, often in the informal sector without adequate labor protections or pension benefits.
Moreover, age-related health challenges pose a considerable burden, with a substantial portion of older people in the region not receiving regular health checks and experiencing depressive symptoms. To address these issues, the report recommends various policy interventions, including government-assisted health insurance and pension schemes, improvements in healthcare infrastructure, and the provision of free annual health check-ups.
—APP
