By Park Moo-jong
Fifty-three years ago back in 1967, The Beatles released "When I'm Sixty-Four," written by Paul McCartney, on their album "Sgt. Pepper's Lonely Hearts Club Band." He expressed in the song an apparent concern about getting old. He wrote it at the age of 16 when his father was 64.
The British rock band sang: "When I get older losing my hair many years from now, will you still be sending me a valentine, birthday greetings, bottle of wine? If I'd been out till quarter to three, would you lock the door? Will you still need me, will you still feed me when I'm 64?"
In 1967, the age of 64 was indeed old. In Korea, particularly, one's 60th birthday used to be one of the most celebrated events for his or her longevity. But now in 2020, even people aged between 65 and 75 are not treated as elserly.
They are dubbed "yold" or "young old" as the Japanese call them. They are not just any group of old people.
The Economist, a British weekly in London, reported in "The World in 2020," its annual edition that looks at the year ahead, in December 2019: The new year "will mark the beginning of the decade of the 'yold' or the the 'young old.' … The height of the baby boom, the period of high fertility in rich countries after the Second World War, was 1955-60."
Not to quote the weekly, the world is getting old rapidly. The Republic of Korea is no exception. The eldest of the baby boomers born between 1955 and 1963 becomes 65 this year to become legally senior citizens. They number 710,000, compared to 400,000-500,000 a year in the past.
The registered baby boomers number 7.27 million at the end of 2018, similar to 7.65 million over the age of 65. The problem is that most of the baby boomers have already retired, although they are still young/old enough to work.
The explosive increase of the young old has brought about multiple social problems like the sharp rise of medical expenses, the increase of health insurance premiums and worsening poverty among the elderly with no job after retirement, to name a few.
The "yold" are the healthiest elders in history with the increase of their life expectancy by up to five years on average. They are still healthy enough to maintain their productivity despite their "old age" of between 65 and 75.
The "yold" are more numerous, healthier and wealthier than previous generations of seniors. They are striving to extend their retirement age, seeking jobs to continue their social and economic activities. There still remains a long life ahead for them.
They are challenging traditional expectations of the retired such as people who wear slippers and look after their grandchildren. Working is one of major elements that is helping the elderly stay healthy longer. A German study found that people who remain at work after the normal retirement age manage to slow the cognitive decline associated with old age.
Already in Europe, this challenge is giving rise to a new labor structure as the number of working senior citizens over 65 exceeds 20 percent of the population.
Unfortunately, however, our government lacks policies to meet the demand of the increasing number of senior citizens in this aged society. The administration has to change its policies boldly. In particular, there must be a drastic change in public attitudes toward older citizens.
So far, people in their 60s have been expected to put their feet up and retire into the background quietly in this society where the legal retirement age is still set at that number. Still many companies discriminate against older workers, only offering part-time jobs, for instance. The government is employing similar policies.
The increase of the "yold" means a big hole in the economically active population aged between 16 and 64, namely the worsening labor shortage. Ever falling birthrates are making matters worse.
The second generation of baby boomers born between 1968 and 1974 will become the "yold" one after another in 13 years, thus aggravating the shortage in the workforce.
It is common sense that the decrease in the number of people who should be active in production and consumption could pose a major challenge for the country in regaining its economic vitality. The economic growth rate is feared to go down further.
Before it's too late, the government ought to cope with the aging of baby boomers more positively in such a way as to extend the retirement age and the legal age for senior citizen as well.
How about changing the Beatles song to "When I'm Seventy-Four?" The "yold" have long miles to go before they sleep.
Park Moo-jong (emjei29@gmail.com) is a standing adviser of The Korea Times. He served as the president-publisher of the nation's first English daily newspaper from 2004 to 2014 after working as a reporter since 1974.
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The British rock band sang: "When I get older losing my hair many years from now, will you still be sending me a valentine, birthday greetings, bottle of wine? If I'd been out till quarter to three, would you lock the door? Will you still need me, will you still feed me when I'm 64?"
In 1967, the age of 64 was indeed old. In Korea, particularly, one's 60th birthday used to be one of the most celebrated events for his or her longevity. But now in 2020, even people aged between 65 and 75 are not treated as elserly.
They are dubbed "yold" or "young old" as the Japanese call them. They are not just any group of old people.
The Economist, a British weekly in London, reported in "The World in 2020," its annual edition that looks at the year ahead, in December 2019: The new year "will mark the beginning of the decade of the 'yold' or the the 'young old.' … The height of the baby boom, the period of high fertility in rich countries after the Second World War, was 1955-60."
Not to quote the weekly, the world is getting old rapidly. The Republic of Korea is no exception. The eldest of the baby boomers born between 1955 and 1963 becomes 65 this year to become legally senior citizens. They number 710,000, compared to 400,000-500,000 a year in the past.
The registered baby boomers number 7.27 million at the end of 2018, similar to 7.65 million over the age of 65. The problem is that most of the baby boomers have already retired, although they are still young/old enough to work.
The explosive increase of the young old has brought about multiple social problems like the sharp rise of medical expenses, the increase of health insurance premiums and worsening poverty among the elderly with no job after retirement, to name a few.
The "yold" are the healthiest elders in history with the increase of their life expectancy by up to five years on average. They are still healthy enough to maintain their productivity despite their "old age" of between 65 and 75.
The "yold" are more numerous, healthier and wealthier than previous generations of seniors. They are striving to extend their retirement age, seeking jobs to continue their social and economic activities. There still remains a long life ahead for them.
They are challenging traditional expectations of the retired such as people who wear slippers and look after their grandchildren. Working is one of major elements that is helping the elderly stay healthy longer. A German study found that people who remain at work after the normal retirement age manage to slow the cognitive decline associated with old age.
Already in Europe, this challenge is giving rise to a new labor structure as the number of working senior citizens over 65 exceeds 20 percent of the population.
Unfortunately, however, our government lacks policies to meet the demand of the increasing number of senior citizens in this aged society. The administration has to change its policies boldly. In particular, there must be a drastic change in public attitudes toward older citizens.
So far, people in their 60s have been expected to put their feet up and retire into the background quietly in this society where the legal retirement age is still set at that number. Still many companies discriminate against older workers, only offering part-time jobs, for instance. The government is employing similar policies.
The increase of the "yold" means a big hole in the economically active population aged between 16 and 64, namely the worsening labor shortage. Ever falling birthrates are making matters worse.
The second generation of baby boomers born between 1968 and 1974 will become the "yold" one after another in 13 years, thus aggravating the shortage in the workforce.
It is common sense that the decrease in the number of people who should be active in production and consumption could pose a major challenge for the country in regaining its economic vitality. The economic growth rate is feared to go down further.
Before it's too late, the government ought to cope with the aging of baby boomers more positively in such a way as to extend the retirement age and the legal age for senior citizen as well.
How about changing the Beatles song to "When I'm Seventy-Four?" The "yold" have long miles to go before they sleep.
Park Moo-jong (emjei29@gmail.com) is a standing adviser of The Korea Times. He served as the president-publisher of the nation's first English daily newspaper from 2004 to 2014 after working as a reporter since 1974.
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