South Korea introduces almost universal pension

(From koreaherald)

The “basic pension” program, which is one of President Park Geun-hye’s key pledges, is to benefit the poorest 70 percent of Koreans aged 65 or older by giving them a monthly allowance ranging from 100,000 won to 200,000 won depending on their income level.

President Park had initially vowed to offer 200,000 won to every senior citizen regardless of income level. The opposition party criticized her for deceiving the public after the government announced that the pension would only benefit the poorest 70 percent of seniors.

The first installment of the basic pension program will be given out on July 25.

Good, civilised countries have universal public pension. According to ILO, Public pension is essential for basic income security for older persons.