Honour thy father

Asian leaders are struggling with an inappropriate and inefficient set of old-age pensions and plans as their populations age rapidly. By 2030 the proportion of people aged 60+ in E Asia will double, from 10% to 20%. The World Bank's 1994 report 'Averting the Old Age Crisis' advocates a blend of the two social-insurance schemes common in E Asia: defined-benefit, in which an established amount is paid out, and defined-contribution, in which workers can choose who manages their predetermined retirement savings.