Search results
Results from the WOW.Com Content Network
Korea (12.3%) accounted for the same proportion as Costa Rica, with only Chile (11.7%) and Mexico (7.4%) having a lower proportion than Korea. [36] The average public social welfare expenditure to GDP in 38 countries where the ratio of public social welfare expenditure to GDP was identified was 20.1%, and Korea spent 61.2% of the OECD average. [38]
Between 1990 and 2007, South Korean government welfare expenditure increased at a rate of 11% per year in real terms, the fastest rate of increase in the OECD area. [ 4 ] [ 3 ] Social expenditure between 1990 and 2001 rose from 4.25% to 8.7%, peaking at 10.9% in 1998.
These tables are lists of social welfare spending as a percentage of GDP compiled by Organisation for Economic Co-operation and Development ("OECD") into the OECD Social Expenditure Database which "includes reliable and internationally comparable statistics on public and mandatory and voluntary private social expenditure at programme level." [1]
The poverty rate of elderly people in South Korea is the highest among the OECD countries Poverty rate in South Korea (age 65+) in 2011. Choo, Park and Yoon noted that both absolute and relative poverty have declined in Korea from 1965 to 1990. [1]
South Korea introduced its Basic Old-Age Pension in 2008 as part of its pension system.According to the Ministry of Health, Welfare and Family Affairs, the Basic Old-Age Pension is "designed to enhance welfare of the elderly by providing a monthly pension payment to the elderly in need."
A 2018 Korea University degree paper conducted a study on how social welfare policies improve economic inequality. The income of the top 10% was about 6.6 times the income of the lowest 10% in 1990. As of 2016 this has increased to about 10 times.
In South Korea, during the military dictatorship in the 1970s and 1980s, the government pursued a "social purification" program that forced thousands of people off the streets into welfare centers. [1] [2] A catalyst that intensified this, was the 1986 Asian Games and the 1988 Seoul Olympics.
The National Pension Service (NPS; Korean: 국민연금공단; Hanja: 國民年金公團; RR: Gukminyeongeumgongdan) is a public pension fund in South Korea.It is the third largest in the world [1] with over $800 billion in assets, and is the largest investor in South Korea.