Candidates running in the 6.3 presidential election are showcasing various policies for the elderly. The domestic population aged 65 and older is 10.51 million, accounting for about 24% of the presidential electorate. The candidates assert that they will raise the real income of the elderly in different ways. Lee Jae-myung of the Democratic Party of Korea proposes extending the retirement age, Kim Moon-soo of the People Power Party suggests old age pensions, and Lee Jun-seok of the Reform Party introduces housing pensions.
◇ Lee “Increase retirement age”, Kim “No pension loss for working”, Lee “Utilize housing pensions”
On the 19th, summarizing the top 10 pledges submitted by each candidate to the National Election Commission and their individual plans, candidate Lee Jae-myung stated that he would promote 'extending the retirement age' as one of his elderly policies. The proposal suggests gradually extending the current retirement age of 60 to align with the national pension eligibility age (currently 63 and 65 by 2033).
He referred to the age gap as a "cliff of livelihood" and noted that "we need to improve the reality where retirees are driven to poverty due to unprepared retirement."
Candidate Kim Moon-soo has proposed strengthening the role of various pensions received by the elderly. He stated that he would abolish the reduction system for earned income under the old age pension (national pension) that people aged 65 and older can receive, which varies based on birth year. This system currently decreases pensions if certain incomes are generated through work, business, or rent. Kim said, "I will ensure that working does not negatively affect the pension."
Kim also mentioned plans to increase the basic pension amount given to low-income elderly individuals. He aims to promote welfare that is selective based on income. Currently, elderly individuals with incomes of 0-70% receive a monthly basic pension of 340,000 won, while he intends to provide those with an income of 0-50% with an additional 60,000 won, totaling 400,000 won.
Candidate Lee Jun-seok presented a pledge considering the characteristics of elderly people's assets, which depend on real estate.
He proposed lowering the barriers to joining the housing pension program, known as the 'Home Pension Plus' system. The current limit of 1.2 billion won in publicly announced valuation for joining the housing pension will be lifted for single-homeowners, while multi-homeowners will be allowed up to 2 billion won.
Additionally, he decided to relax the conditions for relocation that are only allowed in a limited manner to continue receiving housing pensions. This would allow for acknowledgment of exceptions to actual residence, enabling them to move to silver towns or nursing facilities, or to smaller dwellings while maintaining their pension.
◇ Lee Jae-myung and Kim Moon-soo, inheriting the 'elderly welfare system' from Moon and Yoon
Both candidate Lee Jae-myung and Kim Moon-soo stated their plans to carry on the elderly welfare policies previously promoted by the administration.
Lee stated that he would enhance the integration care initiated by the Moon Jae-in administration and the public trust system of the Yoon Suk-yeol administration. Integration care is a system that allows the elderly and disabled to continue receiving medical and caregiving services while residing in their homes. It is due to be fully implemented next year. He proposed a 'national responsibility for caregiving' system that manages not just the elderly and disabled but also infants and elementary school students.
Lee also suggested introducing a public trust system for elderly individuals who have difficulty managing their assets due to dementia or disabilities. While the introduction of a public trust system is being pursued by the current government, it is still in the early stages. According to the Low Birthrate and Aging Society Commission, the assets held by elderly dementia patients, referred to as "dementia money," were estimated at 154 trillion won.
Candidate Kim stated that he would strengthen the 'dementia safe national responsibility system' that started during the Moon Jae-in administration. He also proposed expanding the usage hours for day care services for dementia patients, increasing the number of personal care doctors for dementia management nationwide, and supplying public housing for dementia safety.
He also suggested that the state should assist elderly individuals in their care. He mentioned that if family members take care of patients in nursing hospitals, a minimum of 500,000 won would be paid, and 1 million won would be given to spouses over 65. Kim stated, "I will provide support for caregiving expenses to eliminate the term caregiving hell" and added, "The state will take care of the health of the elderly so that they do not have to worry about their children's opinions."
Additionally, both candidates, Lee and Kim, announced pledges to include 'caregiving expenses for nursing hospitals' in health insurance.