By Yi Whan-woo
President-elect Park Geun-hye’s move to raise the old-age pension for senior citizens has sparked controversy because her transition team said a chunk of money will come from the national pension for salaried workers and the self-employed.
The team said Thursday that it seeks to set aside part of the National Pension Fund to pay 30 percent of the required 7 trillion won ($6.6 billion) each year for those aged 65 or older.
Park has promised to increase the monthly pension for senior citizens from 97,000 won ($91) to 200,000 won ($189). Most young people oppose the idea, claiming that the pension fund might dry up by the time they retire.
“The idea is total nonsense, and can’t understand why Park boldly is using my tax money to support those useless old people” a Daum user with ID flo*** wrote.
The government currently pays pensions to senior citizens aged 65 or older in the lowest 70 percentile income bracket.
The old-age pension is financed by tax revenue separate from the national pension scheme. And Park seeks to pay 200,000 won every month to all senior citizens regardless of their income.
Most young people who make up the bulk of the support base of the liberal camp are sternly opposed to the conservative Park and her senior citizens supporters. They are accordingly very “resentful” of the move to extend welfare support to this demographic group.
“I can only interpret Park’s move as a gesture to thank her old supporters with our money,” a tweeter ID AngelionKim commented.