As Korea is projected to have 40% of its population aged 65 and older by 2045, becoming the world’s highest, the Low Birthrate and Aging Society Commission emphasized the need to shift the elderly care system to a 'public' focus.
Vice Chairman Ju Hyung-hwan of the Low Birthrate and Aging Society Commission said at the 'Sustainable Super-Aging Society Strategy' forum held at Seoul National University’s National Future Strategy Institute on the 24th, “Given that a care crisis and a surge in medical costs are expected due to super-aging, we need to shift care from being family-centered to public-centered, and from facility-based to home-based.” He also noted, “While improving the quality and quantity of facilities, we must establish a stable financial structure that can support this.”
As of December last year, our country has already entered a super-aged society, with the population aged 65 and older exceeding 20%. The pace of increase in the elderly population ratio is expected to accelerate further. According to the National Statistical Office, it was predicted that by 2045, 37.3% of the Korean population would be aged 65 and older.
Vice Chairman Ju noted, “In order to reduce the burden of future generations regarding health insurance and long-term care insurance, and to fundamentally change the care system, we need to discuss in depth how to restructure the scale and procurement method of funding.” He added, “We also need to expand local governments' discretion regarding care services and finances, and create conditions that encourage higher private sector participation.”
Professor Hong Seok-cheol of the Department of Economics at Seoul National University presented on the topic of 'Fiscal impacts and response strategies of a super-aged society' at the forum that day. He said, “Public social expenditure relative to gross domestic product (GDP) will nearly double from 14.8% in 2022 to 28.3% in 2035,” adding, “The period before 2030, when elderly expenditure begins to rise sharply, is the golden time for policy response.”
The Low Birthrate and Aging Society Commission plans to announce the '5th Basic Plan for Low Birthrate and Aging Society' within this year, based on the supplementary tasks and improvements discussed at the forum.