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KMID : 1124020090250040101
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Korean Social Security Studies
2009 Volume.25 No. 4 p.101 ~ p.127
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A Study on Minimizing of Gaps in the National Basic Livelihood Security for Old-Age Income Security: A Comparative Study of Korea and the UK
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Park Mee-Hyun
Chung Young-Soon
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Abstract
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This study compares the National Basic Livelihood Security in Korea with public assistances in the UK which have significantly reduced poverty rates of the elderly caused by gaps in pensions through substantial reform in public assistances in terms of eligibility criteria and benefits calculation in order to seek ways of reforming the National Basic Livelihood Security. The results of comparative analysis indicate that Korea needs to introduce a separate system for elderly people in order to secure a substantially guaranteed minimum income, as the UK introduced the Minimum Income Guarantee separated from the general Income Support for the elderly in order to target pensioner poverty. Alongside this, income threshold should be increased and be designed a livelihood payment as standard payments with extra payments added depending on the circumstances of the elderly. In addition, rigid family obligation rules of assistance should be abolished or raised the thresholds, and also the deemed maintenance payments and free rent payments should be reduced. Also, the strict asset rules including dwelling houses, low level of deduction, and excessive high tariff income rules should be significantly loosened. In addition, consideration should be taken to introduce new measures ensuring that old people with low and modest pensions or savings are not penalized but instead are rewarded for their savings by a benefit system, like the Pension Credit.
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KEYWORD
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Poverty of the elderly, National Basic Livelihood Security, Income Support, Minimum Income Guarantee, Pension Credit
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