SEOUL, March 9 (Korea Bizwire) — South Korea’s elderly poverty rate, which was once the highest among Organization for Economic Cooperation and Development (OECD) member countries, has slipped to the 30 percent level for the first time. According to Statistics Korea, the nation’s elderly poverty rate for those aged 65 or older on the basis [...]
SEOUL, April 15 (Korea Bizwire) — After the amount of basic pension benefits that are given to elderly people with an income lower than a certain level increased, their participation in the labor market decreased, a recent study showed. Kim Hak-hyo (lead author), a student in the doctoral program at Sogang University and Kim Hong-kyun [...]
SEOUL, Mar. 19 (Korea Bizwire) — Senior citizens whose monthly earnings are in the lowest 20 percent range will be eligible for increased basic pension starting next month, the government said Tuesday. The Ministry of Health and Welfare said about 1.5 million people aged 65 or older will be eligible to receive 300,000 won (US$265) [...]