With the start of the year 2020, people's lives, as well as world economies have been brought to an almost abrupt standstill with the spread of novel coronavirus (COVID-19). This has raised concerns for the governments of the world on how to find solutions to brave this unprecedented pandemic and keep their economies functioning.

While temporary measures of social-distancing, travel bans and stoppage of trade and business activities could be seen as immediate responses to COVID-19, the dent this pandemic has caused to the social security provision and pension funds will only be realised in times to come.

On the one hand, the stoppage of work and trade has led to a massive rise in unemployment, leading to lesser contributions to pension funds by the organisations and individuals. On the other hand, governments all over the world have been forced to provide financial backing and social security support by infusing more funds to sustain and stabilise their economies during this health crisis. This is gravely depleting the government funds and increasing government debts (in some instances) and is also indirectly reducing the government's capacity to continue providing social support and pensions to the public.