The government has set a plan to raise the current elderly age standard of '65 years old' by May. It was reported on the 11th that Lee Joong-geun, chairman of the Korean Senior Citizens Association, would provide the results of a review of a proposal to gradually adjust the legal elderly age to 75.
A senior official from the Ministry of Health and Welfare noted, "Our goal is to announce by May how much we plan to raise the elderly age standard at the latest." This marks the first time the government has set a timeline for announcing the results of discussions regarding the elevation of the elderly age standard.
Within the next two months, the Ministry of Health and Welfare plans to announce results from the expert meetings it is currently conducting. Since February of this year, the ministry has been engaged in social discussions regarding the adjustment of the elderly age, involving academia and civic groups such as the Korean Senior Citizens Association and the Korea Consumer Agency.
The current elderly age of 65 years and older has been established since the enactment of the Elderly Welfare Act in 1981. This law defines the beneficiaries of senior benefits, such as free subway rides and free use of public facilities, as those aged 65 and over. Subsequent social insurance programs and welfare systems for the elderly, such as the basic pension and long-term care insurance, also follow this standard.
The government believes that it has reached a limit in maintaining welfare systems for the elderly based on the 65-year standard. The age criteria have not changed in the 44 years since the Elderly Welfare Act was enacted. When the law was established in 1981, the average lifespan was 66.7 years, but it increased to 82.7 years in 2022, an increase of 16 years.
The problem is the serious low birthrate. While the working population is decreasing, the number of people eligible for fiscal benefits is expected to continue rising. According to the National Statistical Office's future population projections, it is estimated that by 2072, 47.7% of the total population will be aged 65 and older, an increase of 27.4 percentage points from this year's 20.3%. This means that about half of the population will be elderly. Meanwhile, during the same period, the share of the working-age population (ages 15-64) is expected to shrink from 69.5% this year to 45.8%.
However, it remains uncertain whether a social consensus on the raised elderly age to be announced by the government in May will be reached. Previously, in 2019, the government attempted to raise the elderly age to 70, but the plan was abandoned due to opposition from the elderly population. Additionally, in 2015, Lee Shim, then chairman of the Korean Senior Citizens Association, made the same proposal, but the outcome was similar.