Abstract
Poverty for the elderly is one of the most urgent social problems when discussing the social problems facing Korean society. The purpose of this study is to identify the causes of elderly poverty problems and to seek countermeasures. According to a systematic analysis of the economic difficulties of the elderly population that applies a socioecological model, the cause of elderly poverty is complicated by the specificity of the labor market and pension system in Korean society. This is compounded by the lack of a public support system that can overcome insufficient family care and a lack of individual preparation. To alleviate elderly poverty, this paper recommends three policy alternatives. First, a robust multipillar retirement income security system must be established. To secure a minimal retirement income for the elderly in poverty, who have been marginalized from the public pension system design, the basic pension should be raised for the bottom 70% of senior citizens. Second, in order to tackle labor market duality and early retirement, the seniority-oriented wage system should be reformed into a job-based wage system. Third, to minimize unemployment and promote quality among re-employment jobs, the government should strengthen vocational skills development by expanding programs tailored to older people.
Highlights
Public Health 2022, 19, 2121. https://Korea has achieved impressive economic development, referred to as the “Miracle of the Han River”, over the past half-century
The National Pension Service is the system with the lowest threshold for subscription and the greatest benefit insurance premiums throughout all pensions, The retirement pension system is against a system in which employers accumulate funds and it is practically difficult to use other private systems if they are shunned evenwill from during the worker’s tenure for retirement benefits
According to a systematic analysis of the economic difficulties of the elderly population that applies a socioecological model, the cause of elderly poverty is complicated by the specificity of the labor market and the pension system in Korean society
Summary
Korea has achieved impressive economic development, referred to as the “Miracle of the Han River”, over the past half-century. At a community level, Korea’s labor market is divided between a primary labor market composed of large companiesmarket and regular workers and aa secondary labormarket marketcomposed consistingofoflarge smalland melabor is divided between primary labor companies dium-sized companies and irregular workers This division results in high income ineand regular workers and a secondary labor market consisting of small- and medium-sized quality. In terms of replacement rateKorea’s that refers topension the pension as a proportion income received the the legal system, public has a low-level income of replacement rate thatby refers worker, and a wide gap that does not include the elderly who worked in the secondary to the pension as a proportion of income received by the worker, and a wide gap that does job include market or were unemployed. The seriousness of poverty elderly is evident the factinthat maintains one of the world’s topworld’s
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