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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.
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."
"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.
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.
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There are currently 47,406 Korean Americans residing in South Korea, up from 35,501 in 2010, according to data from the Ministry of Justice. They are driving the record high number of diaspora ...
As a result of revisions in PPP exchange rates, poverty rates for individual countries cannot be compared with poverty rates reported in earlier editions." [11] "National poverty headcount ratio is the percentage of the population living below the national poverty line(s). National estimates are based on population-weighted subgroup estimates ...
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