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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]
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. South Korea's pension scheme was introduced relatively recently, compared to other democratic nations.
As welfare policies in Europe became known and polarization problems – elderly poverty, poor children, etc. – intensified, political discourse on welfare formed in Korea. Many people insisted on strengthening welfare as the OECD ranking of the welfare budget relative to GDP was lower than that of the United States, a neoliberal country.
Exclusive: More than a quarter of households headed by someone aged 50 or above from a Bangladeshi or Pakistani background are living in poverty compared with white peers
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."
"What else would I do all day? My family is busy with work. I hate going to senior centers cause all they do there is smoking," said Kim Sa-gyu, 85.
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The biggest consequence of South Korea's aging is that the quality of life for the elderly decreases. The main reason for this is that the elderly lack the income to live decent lives. Over 40% of South Koreans aged 65 and above live in poverty, which is the highest rate among the OECD countries. [ 23 ]