Discontent is brewing among some members of staff and retiree pools of the Asian Development Bank, as top management looks set to push through with sweeping reforms that could see a number of their benefits and pension packages cut.
The planned changes, first proposed in June this year by ADB’s leadership team led by President Takehiko Nakao, are expected to scale down parts of the bank’s education package and support for current international staff. Former employees are also expected to have a portion of their pensions cut back, including a cost of living adjustment element.
In a town hall meeting in early September, Nakao explained that the proposed changes hinge on the need for the institution, and its employees, to be consistent with its goal of eradicating poverty in the Asia-Pacific region — something he said is “difficult to continue with [the] range of benefits.”
About the author
Lean Alfred Santos@DevexLeanAS
Lean Alfred Santos is a former Devex development reporter focusing on the development community in Asia-Pacific, including major players such as the Asian Development Bank and the Asian Infrastructure Investment Bank. He previously covered Philippine and international business and economic news, sports and politics.
