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CRW2 Mon/Wed class; Unit 10 Ageing (Lesson 1)

June 7, 2020

The assignment is due Wednesday, June 10th by 10:30 AM. Please write a paragraph where you give your opinion on the following question:

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

22 Comments leave one →
  1. Lee Dong Jae permalink
    June 9, 2020 12:44 am

    The government should increase the retirement age to reduce the amount spent on pensions. Currently, Korea is an aging society. However, retirement age does not match the current society. Thus, the government should increase the retirement age. The government can support the re-socialization of retirees with the remaining budget. In addition, the government can further expand its economic(social) policies to support workers and employers in unstable economic conditions. Furthermore, Increasing retirement age helps most office workers. As the retirement age increases, the company’s delay in class promotion (In Korea, except in special cases, the ranks within the company are determined by seniority.) may be resolved. Young retirees (workers 50 to 60 years old) can also be guaranteed an opportunity to work more.

  2. Seo Hyun Park permalink
    June 9, 2020 1:54 am

    I think the government should make the retirement age higher to lower the amount of taxes used on welfare for the aged. The increasing number of older people without a job results to decrease in working people who pay taxes. With fewer taxes, the government will someday have to undergo budget cuts on various social welfare. Although this seems to be a distant matter, the economic impact of the unemployed elderly will bring immense harm. Also, as old people have jobs and earn money and spend it, the economy can circulate. In conclusion, I think it is appropriate for the government to lift the retirement age to reduce the economic harm accoutered with taxes and employment rates.

  3. Ji Young Cheon permalink
    June 9, 2020 3:59 am

    The government should raise the retirement age in line with the aging society. In 2019, South Korea’s 65-year-old elderly population consisted with 14.9 percent of the total population so entered an aged society, and is expected to reach a super-aged society by 2025, exceeding 20 percent. However, the retirement age is now set at 60, and in reality, those aged 49-55 are recommended to retire. In other words, more and more people are forced to retire and live without income.
    This is not just a problem for the elderly. Young people have to deal with this problem as well. Retired seniors are guaranteed a certain income by receiving what is called the national pension from the state, which is to get back the premiums they paid during their income activities. However, they are paid back more than they paid, and the space is covered by young people’s income. However, the balance of the National Pension Service is plummeting every year because there are not enough money to fill it.
    Therefore, to solve this problem, government is trying to increase the age range of working in an aging society so that we can retire late. If retirement is delayed, the timing of the stopping of income activities will also be delayed, which will reduce the amount paid in pensions. The government needs to seriously consider this situation.

  4. Kim Hyun-Kyu permalink
    June 9, 2020 11:16 am

    As the world have progressed, the health standards as well as the quality of medical care has improved. On the surface, this might look like it doesn’t have any negative consequences, but on closer inspection, one can find that this has brought about a number of new challenges for the society. One of the new challenges revolves around the retirement age. At the moment, workers in most countries including Korea, retire between the age of 55 to 65. This was acceptable a couple of decades ago, but with the rise of life expectancy, many people are beginning to feel that the retirement age too low. Many people live to be 100 these days and after they retire, many struggle to live on their savings and pensions. On top of that, pensions are not a reliable in aging countries. With the rising percentage of seniors in its population, many governments are having trouble acquiring enough money for its pensions. This is even more problematic for younger generation because they are the ones paying taxes that funds the pension program. Therefore, increasing the retirement age is crucial. By increasing the retirement age, governments can relieve some of the pressure that is on the pension fund as well as generate more income through income taxes and that extra money can be put to other good use, such as improving the infrastructure, creating and supporting job programs, etc. Lastly, workers can benefit massively from this. With the extra income, they will be able to save a bit more and support themselves and their families. They will also be able to build a better retirement plan for themselves.

  5. Kim Boosung permalink
    June 9, 2020 11:48 am

    I think the government should raise the age of pension payments. Currently, South Korea is moving toward a super-aged society. A super-aged society is what many experts expect Korea to enter a super-aged society by 2026, when the elderly population aged 65 or older accounts for more than 20 percent of the total population. Under these circumstances, if the current pension age is maintained, the nation’s financial burden will continue to grow and taxes will also increase. If that happens, young people in the future will have to pay more taxes to support more elderly people. In addition, as the low birthrate intensifies and the number of young people decreases, the age of working is also increasing. I think it’s efficient to raise the pension age and think about the financial part because the age of making money continues to rise.

  6. Lee Bora permalink
    June 9, 2020 1:34 pm

    It is reasonable for the government to increase the retirement age. There are some people who still want to work beyond retirement age. It is important to respect their opinions. Because individuals have the right to work. Some say pensions affect the people’s tax burden. But we must know that we pay less in essence. Because the fact that the minimum age is older means that they have extended their chances of making money on their own, which means less years that retirees take money. Of course, the disadvantage of extending the retirement age is that the employment rate of young people is lower. The retirement age extension lowers the retirement rate, which leads to unemployment among young people. Taking the Chinese government as an example, it has come up with a solution called support for start-ups to help young people find jobs. It is a system that activates support for youth start-ups, deducts research and development costs, and gives start-ups benefits such as subsidies and tax breaks. Thanks to these policies, 40 percent of college graduates said they hoped to start their own businesses, which helped ease job shortages.

  7. Yun Na Bin permalink
    June 9, 2020 5:00 pm

    I think the government should raise the retirement age to reduce pension expenditure. Currently, Korea is an aged society, which is more than 14 percent of the population aged 65 or older. However, retirement age is usually 60 years old, so it is hard to make money to older people for themselves. Also, people usually retire before 60 by the pressure. The government provides national pensions to retired senior citizens to help them live on. Much of this national pension consists of taxes paid by young people. As time goes by, the percentage of young people who can earn money decreases, and the proportion of elderly people who can live only when they receive money increases, so the government feels the limit. One way to solve these problems is to raise the retirement age. It can benefit everyone to help elderly people to make money on their own. Elderly people can prepare their post-retirement lives more systematically, and young people are less burdened with tax charging. In addition, the government can solve the problem of declining national pension balances.

  8. In Seok Lee permalink
    June 9, 2020 5:17 pm

    Governments should raise the retirement age. Current retirement age is set based on the average life in the past. The average life expectancy is gradually increasing due to the development of medical technology, so the physical ages that can work is also increasing. Pension is also a limited pie. It is operating through tax, which should be considered a lot. If governments keep the age of retirement and distribute pension without any consideration, there will be a fiscal deficit. in the case of Korea, the government is gradually moving to reform various types of pensions as it enters an aging society. If our society stay in a changing era, our society will be kicked out.

  9. Park In Ki permalink
    June 9, 2020 6:57 pm

    The government should raise the retirement age, not only to reduce the amount paid out in pensions but also to give older people the freedom to work. As science and technology develop every day, our life expectancy is also increasing, where people can live up until or more than a hundred years old. In Korea, most workers tend to retire at the age of 60 to 65. Provided that the worker can breathe up until a hundred years old, he or she has to live life without doing anything but to spend their savings for 40 years. This will lead them to be indigent in a matter of days. Moreover, having a retirement age is similar to having the liberty taken from the regime. People should be able to work whenever and wherever they want without any restrictions. Just because they are old does not mean that they can not bring economic benefits to society. However, some older people take advantage of their age and do nothing to contribute and help the community or its company to get better.
    Overall, most aged citizens are becoming more deprived as time goes by due to their unemployment and retirement. Therefore, the state should increase the retirement period to solve this matter. There is a saying, “There is no country for old men,” and I believe it is true. However, the public and the state should all be together to fix this issue.

  10. Son YeJin permalink
    June 9, 2020 7:12 pm

    In today’s society, the retirement age should be raised. Our society is ageing, which means that people are living longer. However, life expectancy increase is putting a strain on government to support a larger elderly population. But in fact, the longer life expectancy of humans came with the development of medical technology, and with the healthier lifestyle, that is the age at which people can work has also increased. A person who was originally of retirement age is still able to work enough today. Therefore, it is necessary to raise the retirement age because maintaining the retirement age is a waste of men who can work and only adds social and economic burdens to society.

  11. Choi Shinhyoung permalink
    June 9, 2020 7:24 pm

    I agree with the statement that government should raise the retirement age, however reducing the money paid in pensions is not the only reason. Surely, granding pensions to the elderly requires quite considerable capital so that it has becaming financial burden to the government. In fact, National Pension Service, the organization that awards pensions, claims that the increase in the proportion of the elderly population will make it difficult for young people in this generation to receive the same amount of the pension later on. Nevertheless, this is not the key point of the idea that the retirement age should be extended. Rather, it is more of being a change in the appearance of life as human life expectancy increases. Retired old people who no longer work tend to be lethargic and lose the will to live. Take South Korea as an example, the suicide rate of the eldery is very high and I think some of them might not have committed suicide if they had taken jobs and made money for longer period. It seems more important to reduce the scope of the marginalized elderly by extending their retirement age.

  12. seongjoon kim permalink
    June 9, 2020 8:05 pm

    It is important to raise the retirement age in this recent aging society. Recently Korea is an ageing society. When the population over aged 65 exceeds 14 percent, the society becomes an ageing society. South Korea became an ageing society in 2019 as the population over aged 65 exceeded 15 percent. But what matters is the pace of ageing. Korea recorded a very fast aging rate compared to Europe and Japan. Also, the national birth rate continues to decline. This situation means a decrease in the productive population and an increase in the dependent population. In other word, the welfare budget for the elderly is increasing, while the younger generation is decreasing. This problem can be solved by increasing the retirement age. Expanding the retirement age solves the problem of insufficient production population and reduces the burden of supporting people aged 65 or older. However, Korean society is currently suffering from a shortage of jobs. Simply extending the retirement age can have side effects. The competition for employment could intensify, which could lead to aversion of the elderly. Therefore, the role of government is not only to simply expand the retirement age, but also to expand the number of jobs.

  13. SHIN JIYE permalink
    June 9, 2020 8:44 pm

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

    Governments should not prolong the retirement age to reduce the amount of budget that is used for welfare for the aged with no jobs. Raising the retirement age would cause a number of problems and there could be an alternative way to minimize the cost of pensions. One of the main problems of extension retirement age is that it could be a barrier to solving unemployment problems especially for young people. The number of jobs is limited. The longer older workers stay in the company without retiring at an appropriate age, the fewer chances there will be for young people. Furthermore, most companies choose a wage system that is based primarily on seniority. This means that when retirement is extended, older workers tend to receive excessive wages compared to productivity. According to a study by a large company, the productivity of young workers is three times greater than that of old age. But wages, on the contrary, the old get almost twice bigger than the young. Such a situation would put a heavy financial burden on companies. Rather than prolonging retirement age, providing other works that senior citizens can do more easily and better is an effective way to reduce the amount of money going to the senior pension. For example, governments can create an elderly cafe and hire senior citizens who retired but want to work for reasons. This could be a more active and efficient way to solve the excessive use of taxes.

  14. Shin Yaeji permalink
    June 9, 2020 10:47 pm

    Korea has already been an aging society, and is expected to enter a super-aged society by 2026. While the population of the elderly continues to grow, the population of seniors who are working is still low. It causes negative effects on both individuals and government. It makes difficult for the elderly to engage in economic activities just because of their ages. From the government’s point of view, there is a lot of money going into the welfare of older people, while the tax to be paid does not increase. According to a survey from KDI, Korean Development Institute, it is expected that economic growth of Korea will be continually lower by 2050 because there are few seniors who engage in economic activities regardless of their ages. The participation of the elderly in economic activities can ease the decline in economic growth and reduce the burden of care. Therefore, both for the public and the nation, government should raise the retirement age and change the social atmosphere. To plant social awareness considering the age of 65 as a new start of lives, government needs to plan various job trainings and education for the elderly. It would benefit both individuals and government if they were allowed to freely engage in economic activities based on their personal circumstances or abilities, rather than unconditionally losing their jobs according to age and being paid the national pension.

  15. Mina Yun permalink
    June 10, 2020 12:10 am

    The government needs to raise people’s retirement age. With life expectancy rising, naturally people should prepare for longer post-retirement lives. Therefore, it allows people to create more relaxed economic conditions by giving them a chance to work longer. You can also slowly plan your life in a state of less emotional emptiness while continuing to work. It is possible to reduce errors can be happened by implementing a plan to keep the same amount of severance pay and pension based on service life and to choose retirement after a certain age.

  16. Hyoeun Kim permalink
    June 10, 2020 12:25 am

    I agree that governments should raise the retirement age to reduce the money spent on pensions. The amount of pensions is increasing as average life-span has extended and the aging of society became a serious problem. As it is paid out from taxes, increasing amount of pensions might be burdensome and this can lead to lack of other social and health welfare services. Furthermore, delaying the retirement age can also relieve geriatric depression, which is a mental and emotional disorder affecting elderly adults. Geriatric depression are usually caused by limited mobility, isolation or transitioning from work to retirement. Thus, by raising the retirement age, the number of seniors who suffer from geriatric depression will decrease.

  17. So JungHyun permalink
    June 10, 2020 12:38 am

    The government should increase the retirement age to reduce the amount paid by pensions. For that reason, first of all, if senior people lose their jobs due to retirement, they will face financial difficulties. Especially now, with the development of science and medical technology, human life expectancy continues to increase and is often called the age of 100. However, the current legal retirement age is 60 years old, which is significantly shorter than human life expectancy. As human lifespan increases, the burden of supporting the elderly increases. Therefore, the current early retirement burden not only the older but also the younger generation. Secondly, early retirement increases the cost of pensions that the state has to pay to the people. Medical technology will develop more and more in the future, and human life will be much longer than it is now, while the retirement age will be difficult for the nation to handle it if it is fixed. Of course, the opposite would point out that raising the retirement age would make it difficult for young people to find works. However, young people are relatively easy to adapt to anything and can do more diverse things physically and intelligently. On the other hand, old people lack such abilities compared to young people, so caring about them socially is the way to realize public good.

  18. Kim Joon Tae permalink
    June 10, 2020 1:02 am

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

    The government must increase the retirement age. Considering the life of the present age, the age of living up to 100 years, the existing retirement age is too low. Usually, the retirement age in Korea is between 60 and 65, but this age is no longer appropriate for retirement. They are valuable people who are still able to continue their economic activities and have more know-how in work than new recruits. If they are retired by applying the existing retirement age, it is wasting competitive manpower, which causes unnecessary pension consumption. Therefore, it is necessary to increase the retirement age and reduce the cost of unnecessary pension.

  19. Shim YuJin permalink
    June 10, 2020 1:35 am

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

    I agree to extend the retirement age to reduce the total amount of pension payments.

    Some financial experts predict that the fund will be exhausted in 2054, if the financial safety of the pension decrease. According to the data by the National Assembly Budget Office, the number of recipients of pension in Korea has been steadily increasing since 2000 when pension subscribers were created. On the other hand, as the economically active population decreases, it is predicted that the number of recipients will exceed the economically active population by 2048.
    If the retirement age is increased, it will prevent such a deterioration in the finances as they will have more period to pay the pension fund.

  20. Kim Dong Wook permalink
    June 10, 2020 2:20 am

    governments raise the retirement age.
    See the people who retired. Almost retired men or women are our parents age; around 50~60 years old.
    Is it too old? Is it too old to work? No.
    They are enough young to work. They want to do something!
    They don’t want to stay still. Thay are passionate.

    Let’s assume it’s the age of 100
    If a man get a job at 30 years old.
    He is working during 30 years. And he retier at 60 years old.
    He worked for 30 years. Then He is going to have to live 40 years with 30 years of working money.
    Is it possible? I don’t think so. Absolutely Impossible.

    After retirement What old men are going to do?
    Just play and spend time. It is not productive.
    Spending time with not doing anytings is very boring and sick of it.
    they might think they’d rather die.
    If they are still working, they are really happy with it.

    And it is profitable for the company itself that such elites work.
    Because there are people who know the company well and have 30 years of experience.
    At a certain age, even if you reduce or fix your salary, this is good enough at the company.

    But in terms of jobs, it’s hard.
    The young man’s not getting a job right now,
    but if the old people aren’t missing, they’re holding onto the door,
    There must be a social problem.
    This should be addressed by the government.

  21. Lee Dae Seong permalink
    June 10, 2020 8:06 am

    The purpose of extending the retirement age should not be simply to reduce the loss of pensions. The extension of the retirement age will burden companies because older workers are being overpaid for productivity. Also, the employment of young people may decrease as older workers do not retire. This could worsen the instability of the generation that has to pay the pension, even if it immediately reduces insufficient pension spending.

  22. Kim Yinae permalink
    June 10, 2020 10:26 am

    Government should raise the retirement age to reduce the amount paid by pension.
    The United Nations defines people aged 65 or older as “senior citizens” and “aged society” if the elderly population accounts for 14 percent or more of the total population. In 2020, Korea entered an aged society with 15.8 percent, and the National Statistical Office predicts that it will become a super-aged society with 20 percent of the elderly population in 2025. The retirement age system in South Korea varies depending on jobs and positions such as civil servants, teachers, soldiers, and private companies, with the average retirement age ranging from 56 to 58 years old. Korea’s retirement age is relatively short compared to other country’s, with Britain having the lowest age of 65, accounting for 59% of the total, and the U.S. also says 65 is a common trend. Compared to other country, Korea has fast aging rate. Increase of aged people also means that there are many retirements people who cannot afford their life without pensions. In other words, it means the decrease of tax payer and increase of tax within younger generation. Given the life expectancy at birth is 82.7, the extension of the retirement age, the expansion of opportunities for reemployment of retirees, and the expansion of social security systems to guarantee their retirement lives in terms of social welfare. Increase of retirement age is necessary to reduce the cost of pension to maintain the society.

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