Poverty in the Elderly and Suggestions for Old-Age Income Protection

Abstract

The government has been seeking support measures to alleviate old-age poverty, but the level of poverty among the elderly remains high. Considering the pace at which the population is aging, it is necessary to implement an old-age income protection policy that is both financially sustainable and effective in reducingpoverty among the elderly. The primary income and private transfer as a share of income in the elderly has decreased, while the share of public transfer income is increasing. As a result, the income distribution of the elderly tends to increase from the lowest level to the middle level. Representative retirement income security systems such as the National Pension, Basic Pension, National Basic Livelihood Security System, and the Elderly Job Project have limitations as a means of guaranteeing old-age income. Rather than a uniform approach to the old-age income security system, it is necessary to strengthen the old-age income security system in the form of a multi-layered system or package through an approach by age and income standard.