Search results
Results from the WOW.Com Content Network
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]
Only about one fifth of the elderly population receives a pension, a major factor contributing to the relative poverty in which nearly half of South Korea's elderly live. This is the highest proportion among OECD countries. [4] Only a quarter of government welfare spending, in the form of cash payments, goes to the poorest 20% of the population.
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.
"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.
For premium support please call: 800-290-4726 more ways to reach us
For premium support please call: 800-290-4726 more ways to reach us
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."
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. The Bacchus Ladies phenomenon is believed to have originated after the 1997 Asian financial crisis, with South Korea being one of the countries most affected by the financial contagion. [9]