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Video Description

Type: KIHASA Policy Featurette

Topic: Retiring Baby Boomers and Pension Reform

Guest Speaker: Seok Jae-eun, Professor of Social Welfare, Hallim University

Transcript

I think the biggest reason why pension reform is important and needs to be implemented at a sped-up pace is Korea’s demographic trend. Korea is expected to become a super-aged society by 2025 and has such a low fertility rate as unprecedented in the world. In fact, as much as the public pension system is a program for income security in old age, it is also a system aimed at helping to reallocate resources across generations. Thus the urgency of pension reform. The reform must be carried out while those born across the 1960s and 1970s, the majority of the baby boom generation, are still in the labor market, to ensure that it has greater effect and is less of a burden to future generations.