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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]
Nevertheless, a study that compares poverty levels comparing Chile, Mexico and South Korea, showed that South Korea has historically low inequality and has had the greatest achievement in eradicating poverty among the three countries. This resulted from the nation's social initiatives of the time being increased. [23]
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 ...
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.
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.
In South Korea, the $170.9 billion fall in 1998 was equal to 33.1% of the 1997 GDP. [82] Many businesses collapsed, and as a consequence, millions of people fell below the poverty line in 1997–1998. Indonesia, South Korea and Thailand were the countries most affected by the crisis.
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] In 2020, the country had the highest poverty rate among single-parents in OECD countries. [10] South Korea's single-parent family support policy is based on the Single-Parent Family Support Act. The Single-Parent Family Support Act was enacted in 1989. [11]