Only Korea and Taiwan have defined benefit, pay-as-you-go, public pension systems with largely universal coverage of the workforce. Taiwan’s scheme (which was expanded in 1983) results in a lump-sum benefit upon retirement, in contrast to Korea’s more recently introduced scheme, which will result in a retirement annuity. Coverage is relatively comprehensive for the mandatory provident funds of Malaysia and Singapore.
These are defined contribution schemes which result largely in lump sum withdrawal benefits upon retirement, but which allow earlier withdrawals for specified purposes (e.g., higher education for dependents, major medical expenses, housing). The latter schemes are subject to government regulation or management (in terms of governance provisions and investment policies).