- URL : https://www.kdi.re.kr/eng/research/focusView?pub_no=17653

Raising Old-Age Threshold: Feasibility and Benefits

September 06, 2022    LEE, Tae Suk

Under the current threshold of old age at 65, Korea’s burden of caring for the elderly population is projected to rank the highest among OECD member countries from 2054 onward.

From 2025, when the burden of old-age support begins to increase rapidly, if the threshold for old age is raised by one year every 10 years in line with the speed of improvement in health conditions, the old age threshold in 2100 will be 73 years old and the adjusted elderly population ratio is expected to 60%, 36%p lower than the 65-year-old population ratio, and the burden of old-age support will be greatly reduced. In a situation where it is inevitable to alleviate the burden of supporting the elderly through the upward adjustment of the age of the elderly, the size and timing of the upward adjustment must be carefully determined in consideration of the speed of health improvement of the vulnerable elderly. At the same time, the roadmap for the adjustment of old-age threshold should take into account the adjustment period necessary for the formation of public expectations, behavioral changes, and social system adjustment, and the reform should be sufficiently announced in advance to mitigate the side effects caused by this reform.

Lastly, the demographic structure change should have complementary measures ready as part of well-rounded policy efforts.

< CONTENTS >

Ⅰ. Issues

Ⅱ. Welfare Programs for Older Adults: Current Age Eligibility

Ⅲ. Changes in age thresholds of old age

Ⅳ. Adjusting Old-Age Threshold: Theoretical Review of Changing Threshold Age of Seniors

V. Raising Old-Age Threshold: How to Proceed and What to Expect