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Inclusive Aging in Korea: Eradicating Senior Poverty.

Jooyeon Kang1, Jungmin Park2, Jaemin Cho2

  • 1Goldman School of Public Policy, University of California, Berkeley, CA 94720, USA.

International Journal of Environmental Research and Public Health
|February 25, 2022
PubMed
Summary

Elderly poverty in Korea stems from labor market and pension system issues, alongside inadequate public support and individual planning. Solutions include strengthening retirement income security and reforming wage systems.

Keywords:
Koreaagingpensionre-employmentsenior povertysocial security

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Area of Science:

  • Social Gerontology
  • Public Policy
  • Economics

Background:

  • Elderly poverty is a critical social issue in Korean society.
  • Existing research highlights the complex interplay of economic, social, and individual factors contributing to senior poverty.

Purpose of the Study:

  • To systematically analyze the causes of poverty among the elderly in Korea.
  • To propose effective policy countermeasures for alleviating elderly poverty.

Main Methods:

  • A socioecological model was applied to systematically analyze the economic difficulties faced by the elderly population.
  • The study involved a comprehensive review of the Korean labor market and pension system specifics.

Main Results:

  • Key drivers of elderly poverty include labor market duality, an inadequate pension system, insufficient public support, and a lack of individual financial preparation.
  • The current public pension system design has marginalized a significant portion of the elderly population.

Conclusions:

  • Establishing a robust multipillar retirement income security system is crucial.
  • Reforming the seniority-based wage system to a job-based system and expanding tailored vocational training programs for older adults are recommended policy alternatives.