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KMID : 1040220130050020083
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Journal of the Korean Academy of Health and Welfare for Elderly
2013 Volume.5 No. 2 p.83 ~ p.108
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Improvement of Income Security Policies for Elder Koreans
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Choi Yong-Min
Kim Tae-Ryang
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Abstract
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Korean society became a so-called "aged society" by 2013, only 13 years after its designation as an "aging society" in 2000. A society with many old people is not such a big problem in itself. But aged society or super-aged society is a potential catastrophe because it is necessarily linked with low birth so that there are fewer younger generations to support more elderly people. This problem is also connected with the elderly person``s income and economic welfare. No longer being in the workforce, these individuals will need to rely on their pensions and Social Security. Government also has to spend enormous amount of additional budget to finance the aged. In order to solve this problem, many western countries have created funds for their citizens and residents to provide income when they retire and have also put in place a "social pension". These are regular, tax-funded non-contributory cash transfers paid to older people. However, these systems have many problems. The complement of public and private income security systems can be an attempt to reform them towards the direction that can overcome problems of the system of income security developed in Western welfare states. The Korean old-age income security system is also at a crossroads. The population is ageing rapidly and the public pension schemes are facing a lot of problems. This study analyzes the phenomenon of an aging society and reviews the Western countries’ retirement income security system. We will propose ways to improve our retirement income security system.
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KEYWORD
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Elder Koreans, old age income security, public pensions, private pensions
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