Future Korean Society with Aging Population

Positives and negatives of Confucianism for elderly coexist in Korea society. Confucianism is great to gather family by sharing respects between family generations. Also, it helps to understand each generation and to support each other. However, in recent Korea society, there are some negatives also due to changes of cultures from influx of western culture and changes from economic growth and social context.

It is sure that Korea significantly needs any solution or implication for future old generations. Below the article says Korea will be the most aged society and the aging population will rapidly grow.

07-10-2009 18:08       Korea to Become Most Aged Society in OECD in 2050

By Lee Hyo-sik Staff Reporter South Korea will become the most aged society among advanced economies in 2050, with nearly four out of every 10 Koreans being aged 65 or over due to low birthrates and the rapidly aging population. The nation's population is expected to begin declining from 2018 and by 2050, there will be 6.41 million fewer people in the country than now. According to the National Statistical Office (NSO) Friday, people over 65 years of age will account for 38.2 percent of Korea's population in 2050, making it the most aged society among the 30 member economies of the Organization for Economic Cooperation and Development (OECD). To prepare this growth old population in society, I think Korean people can take some positives from Confucianism to support elderly and try to remove the negatives by giving more social and government supports rather than relying on family supports.  From our reading, Olson states that to support Chinese elderly in American society, understanding cultures is important to give adequate helps for them.  "Transcultural skills allow the integration of unique socio-psychological factors in nursing care and social welfare plans, interventions, and evaluations. Curricula in nursing programs and social services should include courses that encourage and promote a transcultural or multicultural approach." (Olson 2001, page 30)  To apply this into Korean elderly who suffer from generational cultural gap, I think making nursing care and social welfare system with family concept would be helpful to reduce loneliness of elderly. For example, caregivers can play a role to be a daughter or a son of old people who live alone, and keep in touch each other as a real family.  In addition, government also has to prepare to support elderly financially.    01-27-2012 21:12     Pension reform needed to prepare for aging society By Kwon Eun-young A veteran pension expert said that South Korea needs to reform its pension governance system in order to prepare for a rapidly aging population to ensure stability for life after retirement. He points out that since corporate pension plans are relatively new in Korea, there is still greater focus on plan adoption than ongoing requirements but it is now time to change to meet such needs. “Korea is facing the challenge of one of the most rapidly aging populations in the world as a result of continuing improvements in life expectancy combined with low birth rates,” Simon Ferry, a pension actuary from Aon Hewitt said in a recent interview with Business Focus. This means that the current working generation may not be able to rely on receiving enough financial support from the government or their children to maintain their current quality of life in retirement. “The changes bring Korea closer to how retirement benefits are provided in many other countries by allowing the option to introduce defined contribution plans, where benefits are based on contributions made by the employer and investment returns earned on those contributions. Corporate pensions can provide an important role in helping support people in their retirement.” Defined contribution plans, which entitle an employee to decide how to invest based on their own appetite for risk and return, differs from severance pay arrangements or defined benefit plans, where the benefit paid is based on the final pensionable salary.

Above article is about reforming pension for future old population. As I mentioned previous blog post, baby boomers populations come to senior age in few years and most of them will be retired in few years too. Korea society, therefore, need to break the stereotype that elderly support is on their own family and should prepare with proper government policy - such as the pension plan in the article- to give financial support for old people who need.

Reference

Laura Katz Olson (2001), Age Through Ethnic Lenses: Caring for Elderly in a Multicultural Society. MA, Rowman & Littlefield Publishers, INC.

      Lee, Hyo-Sik,  2009. Korea Become Most Aged Society in OECD in 2050. Korea Times, 

http://www.koreatimes.co.kr/www/news/biz/2010/05/123_48264.html  [Accessed 25 April 2012]

      Kwon, Eun-Kyoung., 2012. Pension Reform Needed to prepare for aging society, Korea Times, http://www.koreatimes.co.kr/www/news/bizfocus/2012/04/331_103615.html  [Accessed 25 April 2012]