Asian Provident Funds
Across the emerging world, policymakers are grappling with how to build retirement systems that meet the needs of their rapidly developing and rapidly aging societies. Nowhere is the challenge more urgent than in Asia, which is both developing and aging more rapidly than anywhere else on earth. Provident funds, which are fully funded, government-managed, defined contribution systems, have long been the dominant form of retirement provision in much of Asia. The purpose of this report is to assess the strengths and weaknesses of the provident fund model, evaluate the performance of three of Asia’s four largest provident funds, and identify steps that they and other provident funds can take to improve retirement security. The funds covered in the report are India’s Employees’ Provident Fund (EPF), Indonesia’s Jaminan Hari Tua (JHT), and Malaysia’s Employees Provident Fund (EPF). The report identifies two key features of the provident fund model that may make it an attractive choice for both governments and workers in emerging markets.
| Main Authors: | , |
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| Format: | Report biblioteca |
| Language: | English |
| Published: |
World Bank, Washington, DC
2021
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| Subjects: | PENSION FUND, PROVIDENT FUND, DEFINED BENEFIT PENSION PLAN, DEFINED CONTRIBUTION PROVIDENT FUND, RETIREMENT SECURITY, PENSION FUND GOVERNANCE, |
| Online Access: | http://documents.worldbank.org/curated/en/136271614076072521/Asian-Provident-Funds-Meeting-Tomorrow-s-Challenges https://hdl.handle.net/10986/35236 |
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| Summary: | Across the emerging world, policymakers
are grappling with how to build retirement systems that meet
the needs of their rapidly developing and rapidly aging
societies. Nowhere is the challenge more urgent than in
Asia, which is both developing and aging more rapidly than
anywhere else on earth. Provident funds, which are fully
funded, government-managed, defined contribution systems,
have long been the dominant form of retirement provision in
much of Asia. The purpose of this report is to assess the
strengths and weaknesses of the provident fund model,
evaluate the performance of three of Asia’s four largest
provident funds, and identify steps that they and other
provident funds can take to improve retirement security. The
funds covered in the report are India’s Employees’ Provident
Fund (EPF), Indonesia’s Jaminan Hari Tua (JHT), and
Malaysia’s Employees Provident Fund (EPF). The report
identifies two key features of the provident fund model that
may make it an attractive choice for both governments and
workers in emerging markets. |
|---|