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US Economist Says Developing Countries Should Rethink Pension Funds.
Jul. 27--Developing countries face an urgent need to improve their pension fund systems as demographics shift toward ageing societies in the future, according to Deborah Lucas, chief economist of the US Congressional Budget Office.
Dr Lucas, also a finance professor at Northwestern University, said that with the exception of Hong Kong and Singapore, the dependency rate in Asian countries was lower than those of developed countries.
Still, this was projected to grow significantly in the first half of the century, she said at yesterday's closing session of the 2001 Asia-Pacific Finance Association conference.
The relatively slow growth in dependency has led Asian governments to give low priority to improving pension fund coverage.
In the case of Thailand, the civil service is covered by a mandatory pension system, while private employees are covered under a state-supported fund and in some cases, supplemented by voluntary provident funds.
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