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Centre for Policy on Ageing | |
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| Basic Old-Age Pension and financial wellbeing of older adults in South Korea | | Author(s) | Eunhae Shin, Young Keong Do |
| Journal title | Ageing and Society, vol 35, no 5, May 2015 |
| Publisher | Cambridge University Press, May 2015 |
| Pages | pp 1055-1074 |
| Source | journals.cambridge.org/aso |
| Keywords | Pensions ; Economic status [elderly] ; Evaluation ; Korea. |
| Annotation | South Korea's old-age poverty rate is among the highest in the developed world. Confronted with the increasing demand for a social safety net for older people, the South Korean government introduced the Basic Old-Age Pension (BOAP) in 2008. The BOAP is a non-contributory, means-tested pension covering 70% of the older population, with monthly benefits amounting to 84 kW (thousand Korean won, approximately equivalent to US $1) for singles and 139 kW for couples. Little empirical research has been conducted, however, to evaluate the effectiveness of the new pension programme in supporting older people's financial well-being. Using data from the 2008-2010 Korea Welfare Panel Study, a panel data analysis is conducted to estimate the effects of the BOAP on three sets of financial well-being measures: financial difficulty, monthly consumption, and overall financial satisfaction. The results suggest that the BOAP has beneficial effects on older people's financial well-being, by improving affordability of basic subsistence items such as heating and nutritious meals, particularly among the older-old group. However, the effects are limited to these few outcomes only; overall financial well-being and other important indicators remain unchanged. (RH). |
| Accession Number | CPA-150626008 A |
| Classmark | JJ: F:W: 4C: 7DK |
Data © Centre for Policy on Ageing |
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| ...from the Ageinfo database published by Centre for Policy on Ageing. |
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