zpouinyaunsopsia olonSOCIALPROTECTIONDISCUSSIONPAPERNo.2512MARCH2025StateofSocial Protection Report*2025ezlouiny aunsopsiasThe 2-Billion-PersonChallenge,Background Paper #5Riding the Demographic Wave:Pensions and Retirement?Income in an Aging World,pezloulny aunsopsia olandGonzalo RevesHartlevMiglena AbelsyouinyenWORLDBANKGROUP
Riding the Demographic Wave;Pensions andRetirementIncome in an Aging WorldGonzaloRevesHartley*MiglenaAbe/s**greyeshartley@worldbank.org**mabels@worldbank.orgWORLDBANKGROUP
AbstractThis report cxamines the state of pension and social insuranc ystems globally,focusing on oldauge income protection.It analyzes expenditur, owernge, adecquacy ofbenefts, and sustainabilityof both contributory and non-contributory pension schemes. The report highlights the impacof population aging on pension systems, emphasizing the need for reforms to ensure fiscalsustainabilitvy and adequate benefits. It also explores the challenges of extending coverage to informa sector workers and the importance of gender eqpity in pension provison. The reporconcludes with recommendations for adapting pension systerms to evolving economic and demographic realities, emphasizaing the need for inclusive and sustainable solutions.JELCodes:H55,J14,26,138,015,017 Kewwords: Pension systen, ustainability, ovwerage, aging, non-contributor pension, socialpersion, socialinsuranc,retiementpolices,ii
AcknowledamentsThis paper was witten as part of the preparation of the State ofSocialProtectionReport2025 The 2-Bilion-Peron Cballerge(World Bank 2025). We would like to thank the entire ASPIRE team for poviding he da o h erpot, spcll Viksh Mahboobani,Jngid Mujc,OmalNicto, Veronica Lopez, Usama Zafar, Ana Sofia Martinez Cordova, Claudia Patricia RodrigquezAlas, and Emil Tesiuc, for ensuring completeness and providing guidance and analysis of data.We would ike to thank Ruben Castro for the analysis and calculations used in section 7 ofpreparingthis report.
Abbreviations and GlossaryADePTSoftware platformforautomatedeconomicanalvsis developed by The World BankAFRAfricaRegionAPYAtalPensionYojana,India,ASPIREAdlas of Social Protection Indicators of Resilience and EquityAUDDBDefined BenefitDCDefinedContributionEAPEast Asia PacificECAEuropeand CentralAsiaGDPGross DomesticProductILOSTATInternational Labour Organization Department ofStatistics1.CRLatin America and Caribbean Region,MNAMiddleEastandNorthAfricalNDCNotionalDefined ContributionNSFNationalSavings Fund ofThailandNSERNational Sodio-EcononicRegstry of PakisanNSSFNational Social Security Fund of KenyaOECDOrganisation for Economic Cooperation and Development,PAVOPay-as-you-goPM-SYMPradhan Mantri Shnam YogiMan-dhan, India,RMFRetirement Mutual Fund of ThailandRURSSARSouth AsiaRegionUSDUSSDUnstructured Supplementary Service DataVSIFVoluntarySocial InsuranceFundVSSVietNamSocialSecurityAgency,WDI
ContentsAbstractAcknowledqmentsAbbreviations and Glossary新11Aging Will Define the Evolution of Pensions and Social Insurance in the Coming Years3582AgingWilAffet./RegonsoftheWorld.M...
