Trends and Determinants of Retirement and Related Policies in Asia

Asia Research Institute, National University of Singapore

February 8-9, 2018

In February 8-9, 2018, the Asia Research Studies in the National University of Singapore (NUS) held a
conference with the theme Trends and Determinants of Retirement and Related Policies in Asia. Ms.
Jenishia Maria A. Romano, the Center’s staff researcher, was the representative to the said event. The
conference involved both qualitative and quantitative studies with cross-national, cross-sectional, or
longitudinal survey analyses based on the aging population and retirement schemes in various regions of
Asia. The main topics of the conference were changes in the family dynamics and structure, socio-cultural
and political factors at the individual- and family-level that may influence retirement decisions, old-age
support policies, and labor force participation among older populations in Asia.

Professor Yeung Wei-Jun Jean from the Centre for Family and Population Research and Department of
Sociology acknowledged the rapid increase in the elderly population in Asia. The demographic transition
has raised several political issues in terms of each country’s capacity in supporting the needs of their older
population. It was evident that the Asian countries face limitations in providing income security among
the elderly. Thus, solutions such as the increase in mandatory retirement age, opportunities of flexible and
part-time employment, occupational training, and the feasibility of pension scheme reforms were
explored.

On the first day of the conference, Speakers Lee Yeonjin from the NUS and Choi Jaesung from
Sungkyunkwan University in Korea discussed certain factors that contribute to the transition processes
from work to full retirement. Some of which include health status, educational attainment, occupational
status, income or wealth accumulation, marital status, socioeconomic status, and special support from
adult children. On the other hand, Professor Ko Pei-Chun from the NUS, Luhur Bima from the Research
Institute of Indonesia, and Han Chang-Keun from Sungkyunkwan University discussed the implications
of retirement and pension to the well-being of the elderly. They claimed that retirement has several
positive effects such as decrease in mortality risks, reduced stress, improved well-being and mental
health, and better self health management. Meanwhile, retirement imposes negative effects by worsening
cognition function, loss of sense of purpose, reduced social interactions, and decreased climactic
activities. The positive perspective on retirement is mainly associated to the received pension and other
financial assets by the retirees. Han Chang Keun stated that the more financial assets an elderly possesses
after retirement, the more he or she could maintain high levels of life satisfaction.

The second day of the conference concentrated on the assessment of the current status of pension and
retirement programs and the analysis of policy reforms feasibility. In China, Wen Zhuoyi of Asia Pacific
of Institute of Ageing Studies in Lingnan University stated that the attitudes between social classes and
generations towards the higher retirement age and social insurance programs are fragmented. Laborers
with better social protection and lesser social risks are more likely to disprove policy reform. In Taiwan,
Liou You-Syue of the Department of Social Welfare in National Chung Cheng University claimed that
there is an existing gender disparity in the newly implemented pension reform under the Tsai government
in 2017. To alleviate poverty during old age and mitigate these gender inequalities, she proposed tax-
financed pension as an alternative solution.