Reducing the High Rate of Poverty Among the Elderly in Korea:
One-half of Korea's population aged 65 and over lives in relative poverty, nearly four times higher than the OECD average of 13%. Elderly poverty is thus an urgent social problem. The immediate priority is to target the Basic Old-Age Pension on the lowest-income elderly to ensure that they esca...
Gespeichert in:
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Paris
OECD Publishing
2014
|
| Schriftenreihe: | OECD Economics Department Working Papers
|
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | One-half of Korea's population aged 65 and over lives in relative poverty, nearly four times higher than the OECD average of 13%. Elderly poverty is thus an urgent social problem. The immediate priority is to target the Basic Old-Age Pension on the lowest-income elderly to ensure that they escape from absolute poverty. The Basic Livelihood Security Programme should be used to top up the income of poor elderly by further relaxing eligibility requirements. In addition, reforms are needed to develop an effective three-pillar system of retirement income based on the National Pension Scheme (NPS), company pensions and individual savings. Making the NPS more effective in reducing elderly poverty requires expanding its coverage, focusing on improved compliance among non-regular and self-employed workers, lengthening average contribution periods and maintaining the NPS replacement at around 50%, keeping it close to the OECD average. The increase in the contribution rate should begin as soon as possible, as delays would only make the necessary increase larger. This Working Paper relates to the 2014 OECD Economic Survey of Korea (www.oecd.org/eco/surveys/economic-survey-korea.htm) |
| Beschreibung: | 1 Online-Ressource (33 Seiten) 21 x 29.7cm |
| DOI: | 10.1787/5jxx054fv20v-en |
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| spelling | Jones, Randall S... Verfasser aut Reducing the High Rate of Poverty Among the Elderly in Korea Randall S. Jones and Satoshi Urasawa = Réduire le taux de pauvreté élevé des personnes âgées en Corée / Randall S. Jones et Satoshi Urasawa Réduire le taux de pauvreté élevé des personnes âgées en Corée Paris OECD Publishing 2014 1 Online-Ressource (33 Seiten) 21 x 29.7cm txt rdacontent c rdamedia cr rdacarrier OECD Economics Department Working Papers One-half of Korea's population aged 65 and over lives in relative poverty, nearly four times higher than the OECD average of 13%. Elderly poverty is thus an urgent social problem. The immediate priority is to target the Basic Old-Age Pension on the lowest-income elderly to ensure that they escape from absolute poverty. The Basic Livelihood Security Programme should be used to top up the income of poor elderly by further relaxing eligibility requirements. In addition, reforms are needed to develop an effective three-pillar system of retirement income based on the National Pension Scheme (NPS), company pensions and individual savings. Making the NPS more effective in reducing elderly poverty requires expanding its coverage, focusing on improved compliance among non-regular and self-employed workers, lengthening average contribution periods and maintaining the NPS replacement at around 50%, keeping it close to the OECD average. The increase in the contribution rate should begin as soon as possible, as delays would only make the necessary increase larger. This Working Paper relates to the 2014 OECD Economic Survey of Korea (www.oecd.org/eco/surveys/economic-survey-korea.htm) Social Issues/Migration/Health Economics Korea, Republic of Urasawa, Satoshi ctb https://doi.org/10.1787/5jxx054fv20v-en Verlag kostenfrei Volltext |
| spellingShingle | Jones, Randall S.. Reducing the High Rate of Poverty Among the Elderly in Korea Social Issues/Migration/Health Economics Korea, Republic of |
| title | Reducing the High Rate of Poverty Among the Elderly in Korea |
| title_alt | Réduire le taux de pauvreté élevé des personnes âgées en Corée |
| title_auth | Reducing the High Rate of Poverty Among the Elderly in Korea |
| title_exact_search | Reducing the High Rate of Poverty Among the Elderly in Korea |
| title_exact_search_txtP | Reducing the High Rate of Poverty Among the Elderly in Korea |
| title_full | Reducing the High Rate of Poverty Among the Elderly in Korea Randall S. Jones and Satoshi Urasawa = Réduire le taux de pauvreté élevé des personnes âgées en Corée / Randall S. Jones et Satoshi Urasawa |
| title_fullStr | Reducing the High Rate of Poverty Among the Elderly in Korea Randall S. Jones and Satoshi Urasawa = Réduire le taux de pauvreté élevé des personnes âgées en Corée / Randall S. Jones et Satoshi Urasawa |
| title_full_unstemmed | Reducing the High Rate of Poverty Among the Elderly in Korea Randall S. Jones and Satoshi Urasawa = Réduire le taux de pauvreté élevé des personnes âgées en Corée / Randall S. Jones et Satoshi Urasawa |
| title_short | Reducing the High Rate of Poverty Among the Elderly in Korea |
| title_sort | reducing the high rate of poverty among the elderly in korea |
| topic | Social Issues/Migration/Health Economics Korea, Republic of |
| topic_facet | Social Issues/Migration/Health Economics Korea, Republic of |
| url | https://doi.org/10.1787/5jxx054fv20v-en |
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