The rapidly aging Korea will soon join the "super-aged" club of 34 countries where more than one in five is 65 or older.
The rapid increase in the number of elderly citizens, coupled with the lowest birthrate among major advanced nations, is posing a lot of social and economic problems, including a worsening labor shortage and snowballing welfare costs.
People in their 60s or even 70s are no longer considered "old" and are still physically capable of earning a paycheck and contributing to society. But our situation does not meet this new reality facing people defined as "senior citizens."
The drastically rising average life expectancy of Koreans proves this, with men's currently set at 77.2 and women's at 84.1, and an average of 82.1 as of the end of last year. However, the law defines the age of 65 for senior citizens to become eligible for welfare benefits.
People who are 65 or older are entitled to a basic pension and other perks, such as free rides on the subway and buses. This policy was set by the Welfare Law of the Aged legislated in 1981 when the aged accounted for less than 4 percent of the population. The portion is expected to reach 15 percent by the end of this year.
What matters, in particular, is the poverty rate of our senior citizens reached 49.5 percent, the highest among member countries of the Organization for Economic Cooperation and Development (OECD).
The budget of the Ministry of Health and Welfare just for improving the quality of life for elderly people this year is double that of five years ago at 9.5 trillion won (approximately $8.51 billion).
The snowballing welfare costs are inflicting a serious financial burden on the government and various social organizations working for the promotion of senior citizens' welfare.
The Korea Senior Citizens Association proposed two years ago that the age of entitlement for senior citizen benefits be raised to 70 from the present 65. The government is still examining the proposal. There is no reason for the administration to delay its decision.