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...

Ausführliche Beschreibung

Bibliographische Detailangaben

1. Verfasser:	Jones, Randall S.. (VerfasserIn)
Weitere Verfasser:	Urasawa, Satoshi (MitwirkendeR)
Format:	Elektronisch E-Book
Sprache:	English
Veröffentlicht:	Paris OECD Publishing 2014
Schriftenreihe:	OECD Economics Department Working Papers no.1163
Schlagworte:	Social Issues/Migration/Health Economics Korea, Republic of
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 p.) 21 x 29.7cm.
DOI:	10.1787/5jxx054fv20v-en