DEVELOPING countries in the Asia-Pacific region (APAC) are ill-prepared to support the well-being of their rapidly aging populations, the Asian Development Bank (ADB) said.

This is due to issues like inadequate pension coverage, health concerns, social isolation and limited access to necessary services.

"Asia and the Pacific's rapid development is a success story, but it's also fueling a huge demographic shift, and the pressure is rising," said ADB Chief Economist Albert Park.

Park emphasized the importance for governments to start preparing in order to effectively support hundreds of millions of people in the region as they age.

"Policies should support lifetime investment in health, education, skills, and financial preparedness for retirement. Family and social ties are also important to foster healthy and productive populations of older people and maximize their contribution to society," he said.

The region's population ages 60 and older is expected to almost double by 2050, reaching 1.2 billion people — about a quarter of the total population.

This substantial growth underscores the urgent need for expanded pension and welfare programs, along with improved health care services.

Moreover, the ADB said there is an opportunity for economies to benefit from a "silver dividend" as older individuals contribute to productivity, which could potentially increase the region's gross domestic product (GDP) by an average of 0.9 percent.

It revealed that 40 percent of people ages 60 and above in the region lack a pension, and women are particularly affected because they often do unpaid household work.

Many older folks have no choice but to keep working past retirement age to get by. Most of those still working after 65 (94 percent) are in informal jobs, which usually do not have basic job protections or retirement benefits.

As people get older, the ADB also said that they face more health problems, both physical and mental.

It reported that 60 percent of older individuals do not get regular health check-ups, and 31 percent experience feelings of sadness or loneliness due to illness, or financial worries.

Older women tend to suffer from health issues like depression, diabetes and high blood pressure more than older men do.

The ADB suggests several policy measures to promote healthy and financially secure aging. These include government-supported health insurance and pension programs, enhancements to health facilities, and providing free yearly check-ups and lifestyle assessments.

It also urged policymakers to strive for universal health care coverage and to extend basic labor protections to older workers in informal sectors.

"By making mandatory retirement ages more flexible, helping older people stay healthy, and providing them with suitable work opportunities as well as lifelong learning and skills development, economies in the region can help older people stay productive longer," the ADB said.

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