Research Article

Social Security On Labor Markets to Address the Aging Population in Selected ASEAN Countries

Authors

  • Genely Manansala Business Economics Department, University of Santo Tomas, Philippines
  • Danielle Jan Marquez Business Economics Department, University of Santo Tomas, Philippines
  • Marie Antoinette Rosete Business Economics Department, University of Santo Tomas, Philippines

Abstract

The world is becoming older, and aging in the developing countries of the ASEAN region is unfolding faster than most developed countries in the United States and Europe. This paper examined the effectiveness of old age income security programs mandated in selected ASEAN countries. These programs sought to address the aging problem to encourage the government to promote the aging labor force's efficiency and increase labor force productivity. Furthermore, the study examined the effect of old-age dependency, increase in the life expectancy, and GDP per capita on labor force productivity using a panel data set from selected ASEAN countries from various income brackets, specifically Malaysia, Singapore, Thailand, and Vietnam, which are also classified as yellow group nations that are in the process of the demographic dividend implementation. Using the Multiple Regression Model, the researchers found out that the Old-Age Dependency Ratio positively impacts Labor Force Participation Rate. However, GDP per Capita, Life Expectancy, and the Non-contributory fund decrease the Labor Force Participation Rate.

Article information

Journal

Journal of Economics, Finance and Accounting Studies

Volume (Issue)

4 (1)

Pages

01-12

Published

2022-01-05

How to Cite

Manansala, G., Marquez, D. J., & Rosete, M. A. (2022). Social Security On Labor Markets to Address the Aging Population in Selected ASEAN Countries. Journal of Economics, Finance and Accounting Studies, 4(1), 01–12. https://doi.org/10.32996/jefas.2022.4.1.1

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Keywords:

ASEAN, Ageing Population, Labor Productivity, Social Security, Non-contributory Pension Funds