China is aging at an unprecedented rate. Improvements in life expectancy and the consequences of the decades-old family planning policy have led to a rapid increase in the elderly population.
... See More + According to the United Nations’ World Population Prospects, the proportion of older people age 65 and over will more than double from 2010 to 2030, and the elderly will account for over one quarterof the total population by 2050. Population aging will not only pose challenges for elder care but also have an impact on the economy and all aspects of society.
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The development objective of the Guizhou Aged Care System Develop Program Project for China is to increase equitable access to a basic package of aged care services and to strengthen the quality of services and the efficiency of the aged care system.
... See More + The program will expand the coverage of basic aged care services by providing total or partial subsidies for the services included in the basic package. Under the program, coverage will go beyond Tekun (current beneficiaries of publicly financed aged care services) and gradually expand to Dibao beneficiaries, low-income, empty-nest, and senior elderly with functional limitations, including dementia. The program boundary is defined along three dimensions: thematic activities, geographic coverage, and sources of financing.
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Since the introduction of the KiwiSaver scheme in New Zealand in 2006, several countries have implemented, or are in the process of implementing, voluntary funded pension systems with automatic enrollment features.
... See More + Since most of the literature has focused on countries with the common law tradition, including the United Kingdom and the United States, this note analyzes cases of countries with the civil code tradition, including Turkey, Poland, the Russian Federation, Chile, Brazil, and the Province of Quebec in Canada. This sample includes mostly emerging economies, with reforms at different stages, from those that have already been completed to those that are about to start discussions in their parliaments. Although they are not a substitute for necessary parametric reforms, automatic enrollment schemes offer the possibility of improvements in future retirement income for a significant part of the labor force. This note stresses that the paternalistic approach of automatic enrollment schemes imposes a great degree of responsibility on governments and requires careful consideration of the design of the system, including the industrial organization of the pension fund industry and default investment strategies. Sufficient time and resources for preparing communication and educational campaigns has played a key role in achieving high rates of participation.
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Policy Research Working Paper WPS8726 FEB 05, 2019
