Seoul: President Lee Jae Myung on Monday suggested the possibility of adjusting basic pension payments for elderly individuals, tailoring them according to their income levels. Lee's remarks came via a post on the social media platform X, where he shared a link to a news article about the government's initiative to progressively ease the reduction in basic pension payments for couples aged 65 or older when both spouses are beneficiaries. This adjustment is anticipated to commence next year, beginning with households that have lower income levels.
According to Yonhap News Agency, President Lee emphasized the inequity faced by elderly couples under the current system. "A married couple growing old together should not face disadvantages," Lee expressed on X. He further highlighted reports of individuals resorting to sham divorces as a means to avoid reductions in their pension benefits, underscoring the urgent need for policy change.
Lee pointed out the concerning rate of suicide among South Korea's elderly population, linking it to the pervasive issue of poverty. He argued that it is crucial to reassess the existing pension framework to address these dire circumstances. "If we want to reduce elderly poverty that can even drive people to take their own lives, we need to revise the current basic pension system," Lee stated, advocating for significant reforms to alleviate financial hardships faced by senior citizens.