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Moon's pledges: senior citizens

All Headlines 01:00 May 10, 2017

SEOUL, May 10 (Yonhap) -- The following are President-elect Moon Jae-in's pledges to support senior citizens.

[South Korea will repay the labor of the older generation who built the country]

GOALS

-- Express gratitude for elders who have dedicated themselves to build South Korea

-- Helping the baby boom generation settle into a stable life

-- Solving alienation felt by the older generation by providing jobs

-- Expanding spare time, health and welfare for seniors in accordance with the aging society

IMPLEMENTATION

1) Uniform basic allowances of 300,000 won (for 70 percent of the elderly population who are in the low-income group)

-- Raising the amount to uniform 300,000 won from the current 100,000 won to 200,000 won, depending on financial status

2) Doubling the number of available jobs and allowances for seniors

-- Increase the number of government-provided jobs for senior citizens to approximately 800,000 (430,000 as of 2017), and double the pay to 400,000 won by 2020 from 220,000 won

└> Increase jobs in sectors with great social demand, such as protection of children going to and from school, nighttime neighborhood watch, environmental monitoring, school cafeteria assistants, child care and parcel pickups

└> In the long-term, make senior citizens' jobs "mini-jobs" for people in their 60s and early 70s

-- Protect the elderly from job losses by giving them access to unemployment benefits

3) Reinforce income through national and retirement pensions

-- Find long-term measures to increase the replacement ratio of income with national pension

└> Seek social consensus with the aim of raising the replacement ratio of income with national pension

-- Encourage pension subscription by women with suspended careers and people of low income to prevent blind spots in pension benefits, expand pension credits

-- Launch retirement pension fund system for small companies to provide asset management services for employee retirement pension

-- Bigger role for the state in strengthening profits and safe management of retirement pensions

4) More programs to help elderly with health issues

-- Open more local assistance facilities for dementia

-- Build hospitals to treat dementia

-- Make the state more responsible for dealing with dementia, including 90 percent insurance coverage for related medical expenses

SCHEDULE

-- Increasing basic allowances: reflect in the 2018 budget

-- Doubling jobs and pay: reflect in the 2018 budget

-- Health programs for elderly: implement in stages from 2018 onwards

-- Reforming National Pension Service: seek social consensus after a policy review in 2017

BUDGETING

-- Increasing basic allowances to 300,000 won: needs an annual 4.4 trillion won extra (if raised to 250,000 won from 2018 and to 300,000 won from 2021)

-- Doubling number of jobs and salary: requires an annual average of an additional 800 billion won in funds

-- Health improvement programs: Reallocate regular budget
(END)

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