Skip to content

CRW 2 Unit 10 Ageing

December 13, 2017

This is the finl homewor assignment of the semester.

Should the government raise the retirement to reduce the amount paid out in pensions?

19 Comments leave one →
  1. December 15, 2017 3:37 pm

    Recently life expectancy is very high. people’s life is becoming good and getting longevity. So government to pay more pensions to retirement people. It’s not good for countries development. So government need to raise the retirement and let people to work. But raise the retirement age also have problems. Because people getting elderly which they’re memory is failing. So elderly people will be stressful. And young generations employment rate will be reduced which implicated social economy.
    So, raise the retirement to reduce the amount paid out in pensions have advantages and disadvantages. It’s depends on country’s situation.

  2. A.K.A naive person permalink
    December 15, 2017 9:31 pm

    I think this issue should be postponed until the other something needed to be dealt with at first. It is difference principle in distributing pensions. What would happen if the formal retirement dates for Social Security by two or three years? If the formal retirement dates are raised, it will be the elderly to bear the brunt of damages. Since older Koreans depend greatly on the Social Security more than others, which is called ‘pension’ There are two divided class benefited from the pension. One is low-income class and the other is wealthy class. Actually, the latter class do not need pensions though it is legally not problem at all. But it is low-income class who will suffer the most. So in order to support selectively for real equality, distributive justice in receiving the pensions must be accomplished before considering appropriate retirement age. If wealthy olders receive less money than former, then a great deal of rest money will be reserved and this rest money can help the low-income elderly. Surely, wealthy elderly class will be resisting this welfare policy, but current trend is going to flow into welfare so this issue would be handled with variety of discussions. If this issue is resolved, naturally it will be more clear to the answer for the question of whether we should raise or not the retirement age.

  3. Dong permalink
    December 15, 2017 11:40 pm

    I don’t agree with the argument that government raise retirement age to reduce the amount of paid out in pension, in the near future.
    First, if government rasie retirement, job market would be more competitive than these days’. Young employees struggle to find job by competing each other every day and they always get pressure of being employeed. Statistics from OECD shows that unemployment rate increase rapidly. In this situation, raising of retirement age will cause conflict between senior and junior. Without concernig the problem about retriement age, confliction between alreay reached highest in last days.
    Second, raising retirement will also make conflict between already retired and some people who benefit from the changed law. For example, consider that there are two people who are both 63 years old. One man had retired just a few months ago due to former retirement law, and the other one man still work benefit from changed regulation. Mostly, seniors want to work as long as they can, because working solve emptiness and earning more money compared to pension is a matter of course.
    It is impratical to make sudden change in retirement in this situation of expreiencing difficulty in job seeking. Also, with high degree of conflction between seniors and juniors. But, as life expentancy goes up, raising retirement age is inevitable. The only condition needed is sufficient time in regulating law and comprehension between generations.

  4. Iphone6+ permalink
    December 16, 2017 10:56 am

    I agree that the government should raise the retirement age to reduce the amount paid out in pensions. Pensions were collected by young and middle aged people’s salaries. The age over 65 get beneifts for using pensions. But these days, Korea has entered into the super high age society. It means that people live more longer than the past. The worst situation is that when 10years has passed, the gap between the amount of collected tax and the pension will be distincted. The government’s budget will loss. For example, the Korea subway Number 9 is now in deficit. Because, the elder people use subway for free. Like this situation, the government should reaise the retirement age and the age for getting pensions.

  5. Seojin Jeon permalink
    December 16, 2017 6:01 pm

    I think there is such a need for a nation where a nation enters an aging society.

    First of all, in Korea, the aging population is rapidly increasing due to the low birth rate. That is why if the current baby boomers leave their retirement age, the government’s burden on pension payments will rise sharply and the government`s fiscal soundness will worsen. However, if the retirement age is extended, workers can continue to work at the office longer and continue paying taxes to the government. Based on this, the government will have sufficient margin to secure their fiscal soundness required to pay for pensions.

    Secondly, Senior citizens are likely to face economic problems if the retirement age stays the same when the job problem for the elderly is unsolved such as the present time. In the case of our country, there is an increase in the number of crimes committed by the elderly due to their economic difficulties. For this reason, the job problem for the elderly is difficult to solve, so the government needs to make time to prepare for various senior citizens such as that, including pension problems, by enacting extension of retirement age.

    I don’t think there is the need for the current workers to raise the retirement age in the case of young population society. However, countries in the aging society such as Korea and Japan need to reduce a huge amount of burden to come in future years and steadily improve the financial conditions by extending the retirement age.

  6. ohyeah permalink
    December 16, 2017 8:13 pm

    Actually, I think government should completely abolish the retirement age. It is because I think appraising somebody with their age is unfair. In addition, there occurs many problems because of retirement age policy. However, just raising retirement age could also improve this matter.
    Here is why I think fixing retirement age at 60 is not a good idea. Firstly, every individual has different ability to work. Because of retirement age, seniors can lose their opportunity for exhibition of their talents. Therefore, arbitrarily setting the same retirement age is not a reasonable idea. Secondly, In Korea, the retirement age is 60. However, the national pension supply starts on 65. Therefore, seniors cannot acquire any income for 5 years. This can be fatal to those who have no savings. Also, the life expectancy is now 82.1. Seniors live at least 20 years more after they retire. Government must burden with the increasing pension cost.
    For similar reasons, Many countries such as Japan, Germany, France are pushing ahead with raising retirement age. There is even no retirement age in America. In a fast-changing society, policy also should be reformed. To help seniors who has sufficient ability to work, government should raise the retirement age or abolish the policy.

  7. soy permalink
    December 17, 2017 5:04 am

    It is a highly controversial topic that the government should make the retirement age higher to reduce the amount paid out in pensions. This is an intriguing question because opinions concerning this issue can be different relying on the individual perspective. In my opinion, however, I support that raising the retirement age has more benefits in our society.
    Firstly, as the average life expectancy increases, it is natural to raise the age of retirement. The average age of people in Korea is getting very old. This is because so many people born in ‘the baby boom’, are expected to become older and to receive pensions. There is no big difference right now, but if the average age is rising but the government does not move your retirement age accordingly, our national funds will decrease. This will have a much worse impact in the future. For example, it will result in the tax raising of young people. In other words, for those aged 60 or older, their income and insurance fees paid to the government are sharply reduced. However, the period of pension receiving increases, which expands the amount of the pensions for old people. This is the same thing that the number of elderly people for each young person to support go up. Moreover, because of large amount of money to be disproportionately spent on pensions in the future, social services for the elderly will lessen.
    Someone can refute the ‘job opportunity’ of young people against my opinion. When the government increases retirement age, you may think that job opportunities are decreasing because older people do not give way to next workers. However, looking at the future of the nation as a whole, less expenditure will be needed for unemployment benefits for young people than pensions for old people. Furthermore, from the perspective of the number of working population, the fact that the age to be fired is not high even if many elderly people are able to work is a waste of social labor.

  8. Yellow permalink
    December 17, 2017 2:06 pm

    I totally agree the opinion that government should raise the retirement age. Not only reducing burden of pensions, but also there are some reasons and advantages to extend retirement age.

    First of all, the average life expectancy has been increasing, so the retirement age should be adjusted depending on the age. Extended life expectancy is changing people’s perception about social expectation based on age. For example, 60-year-old is not very old in the society that average life expectancy is 82. In addition, development of science allows people to get better health than before. Moreover, the old people can be good workforce. Although they do not have same power compared with young people, they have wisdom and trained skills. Thus, people who are getting older have enough ability to work.
    In addition, Korean society has been becoming an aging society because of low birthrate and extended life expectancy. According to a research, over 21 percent of population would be old ages in 2026. Then, young people should pay more tax than before for pension of old people. It can be big burden to young generation and it can cause other problems like decrease of fertility rate. Moreover, the elderly poverty rate is quite high in Korea. Raising retirement age could be a solution to deal with the problem.

    In conclusion, maintaining the retirement age can cause big waste of money and workforce. Therefore, government should adjust retirement age for preparing the aging society.

  9. Seojin Jeon(Revision) permalink
    December 17, 2017 2:38 pm

    I think there is such a need for a country that enters an aging society.

    First of all, in Korea, the aging population is rapidly increasing due to the low birth rate. That is why if the current baby boomers leave their retirement age, the government’s burden on pension payments will rise sharply and the government’s fiscal soundness will worsen. However, if the retirement age is extended, workers can continue to work at the office longer and continuing paying taxes to the government. Based on this, the government will have sufficient margin to secure their fiscal soundness required to pay for pensions.

    Secondly, senior citizens are likely to face economic problems if the current retirement age stays the same when the job problem for the elderly is unsolved such as the present time. In the case of our country, there is an increase in the number of crimes committed by the elderly due to their economic difficulties. For this reason, the job problem is difficult to solve, but the government needs to make time to prepare for various problems about senior citizens such as that, including pension problem, by enacting extension of retirement age.

    I don’t think there is the need for the current workers to raise the retirement age in the case of young population society. However, countries in the aging society such as Korea and Japan need to reduce a huge amount of burden to come in future years and steadily improve the financial conditions by extending the retirement age.

    • Seojin Jeon(Revision) permalink
      December 17, 2017 3:34 pm

      + continuing paying → to pay

  10. VIVO permalink
    December 17, 2017 6:55 pm

    Governments should raise the retirement age to reduce the amount paid out in pensions. The elderly are much healthier than the past with the advancement of medical technology, so they might have ability and willingness to work longer. In addition, their life expectancy has increased to become an aging society with a population of over 7% of the total population over the age of 65. If the retirement age stays in this situation, the number of workers who work and pay taxes that are paid out in pensions decrease, while the number of retirees who benefit from pensions from the taxes without income increase. In conculusion, the retirement age should be raised to solve finance problem.

  11. Tae permalink
    December 17, 2017 9:02 pm

    I don’t think the government should raise the retirement, because this might lead to confusion in work, provide less job for the youngs, and cost extra money to support old people in work place.
    First, if there are too many old people in work place, this might make confusion. Many old people. in general, forget things more frequently. Furthermore, some of them even don’t accept their mistake. This is going to be nothing more than confusion. Of course, some old people don’t act in that way and have opened mind to accept others. However ,unless the companies make their own regulations to examine if people are appropriate work, which is going to be denied by other old people for sure, the argument is going to make confusion.
    Second, there will be less job market for young people. It is still controversial that there are too little work place for young people, compare to the past. This is because Korea was renewed after Korean war and baby boomer generation is still taking big roles in society. Because many jobs are occupied, young people have hard time finding their jobs. This is final lost to the country.
    The last thing is that the company will have to spend extra money on their health care. It is so obvious that young people need less money to take care of themselves. They are mostly healthier than old people, so company will not have to pay too much money on regualr check up or insurance.
    Of course many old people should be respected. They made this society from nothing to something. Everyone should feel appreciated. However, that doesn’t mean that old people should keep society until they become too old. Generation should be changed to make society active. For these reasons, I think the goverment should not raise the retirement.

  12. Na ya na permalink
    December 18, 2017 12:53 am

    I think it is to be needed that government raise the retirement age to reduce the amount paid out in pensions.
    People who retired start to be supported by the government.
    They get financial assistance and social care service.
    However, with the population is getting older and the average life is also increased, it becomes a big burden to the government.
    As the population gets older, there will be a much smaller workforce to keep the economy health.
    At the same time it lead to a burden of younger people who have to support the elderly people.
    So it is need to put off retirement to increase the number of economically active people and decrease in the burden of supporting dependents.
    Someone may say it makes the youth unemployment worsen.
    However, lowering of the retirement age does not mean increasing of employment.
    Rather, it can cause economic slowdown by adding the household burden on household budgets.
    It finally makes households reduce their consumption and finally the employers will reduce the employment again.
    Besides, Unemployment rate is the percentage of people in the economy who are willing and able to work but not working.
    There are lots of elderly people who are willing and able to work.
    It Is much inefficient that make this people retire in this aging society.
    So, the government have to raise retirement age and seek other ways to rise employment like a way to support employers in their voluntary extension of the retirement age.

  13. zero permalink
    December 18, 2017 12:21 pm

    Obviously, the government should raise the retirement age to reduce the amount paid out in pensions.
    First, the current working population in Korea is mostly elderly, aged 40 to 60. What should be noted here is that half of our workforce is in charge of them. If they retire at age 60-65, the average retirement age in Korea, Korea will face a serious crisis a few years later. The first crisis is that the workforce sharply declines, while the population that needs to be supported grows dramatically. There is another crisis here: the population that needs to be supported is growing rapidly, but the number of people who support the elderly population is decreasing and shrinking due to the current low birth rate in Korea. In the end, the vicious cycle will continue due to the continuously decreasing population of the working population, while young people who are producers of the population have to live with a greater burden than the past to distribute pensions to the elderly who no longer receive income.
    In this situation, the most effective way to break this cycle is to increase the age of retirement. If this happens, the burden of the young people on the pension can be reduced, and the elderly will be able to get a life force through their work.

  14. moca permalink
    December 18, 2017 2:28 pm

    There is dispute on retirement age to reduce the amount paid out in pensions. In the case of Korea, the older live longer than the past because of the developed medical service. On the other hand, the birthrate is declined owing to the burden of raising children and unmarried belief. So, the demographic profile has been changed with the shape of an inverted pyramid. Therefore unless the retirement is raised, some problems would occur.
    At first, the young population has more burden than the past. As the old population are increased, the government should prepare more pension for them and it comes from tax. Because the working people give tax to the government, the young people get more burden for the population imbalance between the old and the young.
    Secondly, the old population go through the difficulty not only economy but also mental. As they lose their job and should depend on the pension, their income cannot help decreasing. Moreover the chance to work is also declined because of the limitation of age or ability. Therefore the older feel the lack of need for society because they cannot the economic activity.
    In conclusion, the government should take an action for retirement which makes some troubles in society, as raising retirement that would give advantages for the older and the younger both.

  15. Ria permalink
    December 18, 2017 2:55 pm

    I agree that the government should raise the retirement age to reduce the amount paid out in pensions. Many countries become aging society as the rate of people who are older than 65 years old increase more and more. In a society that have many older people, problems about them are so serious. If the government raise the retirement age, government and older people can get benefit.
    First, By the elderly people more working, they can make use of their ability to the society. It causes lots of thing. It increases the employment rate for the employers. For elderly people, they can spend time usefully. Besides, the government will pursue the profit of society.
    Second, In an aging society, governments have to invest their budget more for senior citizens welfare. But, their budget is so limited. If the government reduces the amount paid out in pension, they can invest their budget in other parts such as public facilities, public order. It is government’s duty that they have to work for all citizens.

  16. fence-2 permalink
    December 18, 2017 3:06 pm

    In my opinion, in case of Korea, the government should raise the retirement to reduce the amount paid out in pensions. In Korea, 60 is the age of retirement. However, due to the low birthrate, the labor population is decreasing and only the elderly are increasing. Also, medical technology has improved, so people are much healthier than the past. In other words, people can work longer and therefore keep the retirement age is inefficient in many ways. In addition , elder people can suffer difficulty to adapt the retirement when they can keep working. Also, government can spend more at other parts like education or health. If we invest more in support of child birth than pensions, it will be helpful to make population balance.

  17. Kyong permalink
    December 18, 2017 3:17 pm

    I think the government should raise the retirement to reduce the amount paid out in pensions.
    Nowadays, life expectancy is increasing compared to the past so the criteria of “old” should be redefined. In addition, thanks to the development of medical technology, “old” people can make up for their week points, such as a knee joint or an eyesight. Old people could function as well as young people, with their experience and skill.
    Another problem is low birth rate. It means there must be less tex payers and more pensioners in the future. Then the burden of tex payers is going higher and this could cause hostility between young and old generation.
    For these reasons, the government should raise the retirement.

  18. junong permalink
    December 18, 2017 4:14 pm

    With the life expectancy of modern people rising, the aging population has emerged as a social issue. As a matter of fact, however, retirement retirement age is wrong as a solution to the retirement age. Because most of the elderly pay higher salaries in senior positions. This affects not only the company’s loss but also the employment of young adult businesses. Therefore, other alternatives such as job creation and pension schemes are needed for older adults than for retirement.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: