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

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