Social policy and late-life happiness: the impact of the basic old-age pension on the happiness of older people in South Korea

Abstract

PurposeThe purpose of this paper is to examine the relationship between social policy and late-life happiness by analyzing the impact of the basic old-age pension on the happiness of older people in South Korea.Design/methodology/approachPeople aged 65 and over selected from the Korean Longitudinal Study of Ageing are analyzed in the study.FindingsIt shows that the association between the basic old-age pension and the happiness of older people is negative. This may be attributable to the frugality of the benefits and the side effects of the means test.Originality/valueThis implies that the relationship between social policy and late-life happiness is not linear but it is affected by the context of the policy. It suggests that changing the fundamental benefit system to be more progressive can be a more useful policy option to realize the initial policy goal for recipients.