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Demographic Policies against Aging in OECD countries (in Korean)

Author

Listed:
  • Jinill Kim

    (Department of Economics, Korea University)

  • Kyounghoon Park

    (Economic Research Institution, The Bank of Korea)

Abstract
In most advanced economies, population aging has been happening due to low fertility and long life expectancy, which has increased the burden of supporting the elderly and lowered the share of working-age population. Many countries have embarked on demographic policies against a decrease in potential growth due to low fertility and fast aging, an increase in cost of social security, and inter-generational conflicts between the young and the old. This paper researches on various policies by OECD countries focusing on work-family balance, pension reform, employment policies, and immigration policies; we also provide some lessons for Korea by comparing its demographic policies with other OECD countries. Demographic policies against aging have succeeded only when they are combined in an effective manner with work-family balance, pension reform, employment policies, and immigration policies. Especially, it is necessary to lower the wage differential between genders and to change the sociocultural understanding of childbirth and childbearing. As for pension reform, it is recommended to adjust the qualifying age of the national pension and to cooperate with private pension providers in order to enhance the sustainability of the pension system. At the same time, the system should be able to help the elderly secure income after retirement to prevent elderly poverty; to this end, the blind spot of the pension system needs to be resolved, such as low income earners and temporary workers. With respect to employment policies, it is necessary to adopt a division of labor between the elderly and the youth, along with age specific policies. More specifically, employment services tailored for the elderly may support job searching and help them to continue previous careers; in the youth front, active labor market policies will increase youth employment, such as combining education with job training. Finally, it is about time to decide on Korea's position on immigration policies--in terms of both employment policies and demographic policies with more inclusive stance for foreign workers.

Suggested Citation

  • Jinill Kim & Kyounghoon Park, 2017. "Demographic Policies against Aging in OECD countries (in Korean)," Working Papers 2017-22, Economic Research Institute, Bank of Korea.
    • Handle: RePEc:bok:wpaper:1722
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    File URL: https://www.bok.or.kr/ucms/cmmn/file/fileDown.do?menuNo=600354&atchFileId=ENG_0000000001020786&fileSn=1
    File Function: Working Paper, 2017
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    Cited by:

    1. Loan Pham Thi Phuong & Young-joo Ahn, 2021. "Service Climate and Empowerment for Customer Service Quality among Vietnamese Employees at Restaurants," Sustainability, MDPI, vol. 13(3), pages 1-14, January.

    More about this item

    Keywords

    Aging; work-family balance; public pension policy; employment policy; immigration policy.;
    All these keywords.

    JEL classification:

    • J10 - Labor and Demographic Economics - - Demographic Economics - - - General
    • J18 - Labor and Demographic Economics - - Demographic Economics - - - Public Policy
    • J26 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Retirement; Retirement Policies
    • J61 - Labor and Demographic Economics - - Mobility, Unemployment, Vacancies, and Immigrant Workers - - - Geographic Labor Mobility; Immigrant Workers
    • H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions

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