[Fact Check] What are the changes and generations of the elderly that change "A new old man is coming"?

[Fact Check]

■ Broadcast: YTN Radio FM 94.5 (20:20-21:00)
■ Air date: October 26, 2024 (Saturday)
■ Host: announcer Choi Hwi
■ Bold: Selected number fact checker

* The text below may differ from the actual broadcast content, so please check the broadcast for more accurate information.

◇ Announcer Choi Hwi (hereinafter referred to as Choi Hwi): It's a fact-check time to point out false and suspicious information that needs to be checked. Let's meet Cho Sun-soo's fact checker on the phone. Hello.

◆ Fact checker of Cho Seon-su (hereinafter referred to as Cho Seon-su): Yes. Hello.

◇ Choi Hwi: Today's fact-checking topic is 'A new old man is coming'. These days, there have been a lot of reports in conjunction with attempts to extend the retirement age. Let's first look at the context.

◆ Number of selections: Yes. On the 16th, the Ministry of Health and Welfare announced the results of the 2023 Survey on Seniors. It is a survey that is conducted every three years since 2008. In a press release distributed by the Ministry of Health and Welfare, the phrase "New elderly people with high income, assets and education levels are emerging." A lot of media companies reported along the direction of the press release from the Ministry of Health and Welfare. The survey on the elderly is conducting a visit and interview survey on 191 questions for a total of 10,078 respondents. It is recognized as a survey that shows the current status of the elderly in Korea.

◇ Choi Hwi: The Ministry of Health and Welfare interpreted the results of the survey on the elderly and analyzed that a new elderly person is emerging. But is this not true?

◆ Selection number: The results of the 2020 Survey on Seniors, the previous survey, were released in June 2021. At that time, the Ministry of Health and Welfare named the press release <The emergence of a new elderly class, the changing elderly generation>. Three years ago, 'the emergence of a new elderly' became 'the emergence of a new elderly' this year. The trend that the income asset level and education level of the elderly age group are increasing remains unchanged. I can explain it in two ways. It's education fever and economic growth. Those born in the 1940s and 1950s, who led the industrial era, sweated and laid the foundation for economic growth. They invest heavily in their children's education. The college enrollment rate has increased dramatically. After a period of high growth, national income increased. Korea has been considered an elderly person since the age of 65. In 2021, those born in 1956 entered the elderly, and in 2024, those born in 1959 entered the elderly. The elderly population increases, and baby boomers refer to those born in 1955 to 1974. This large group of people is entering the elderly for a long time. It can be said that the age group with higher income and higher education levels than the previous generation continues to enter the elderly.

◇ It's not the first time this year. The number of elderly people who learn a lot and have a lot of money continues to increase... I'd like to check the statistics.

◆ Selection number: Looking at the annual household income of elderly households. In 2008, it was 16.88 million won. However, it continued to increase and it was 30.27 million won in 2020, but it increased to 34.69 million won in 2023, this survey. Household income has more than doubled in 15 years. The size of financial assets also increased from 15.88 million won to 49.12 million won. The size of real estate assets increased from 166.48 million won in 2008 to 318.17 million won in 2023. Real estate asset holdings rose to 97.0% from 81.0% over the same period.The composition of household income in
accounted for 53.8% of 'earned income and business income'. Public transfer income, which includes the national pension and basic pension, was 25.9%, private transfer income 8.0% and property income 6.7%. Compared to the 2008 survey, the proportion of private transfer income decreased significantly. Private transfer income refers to income generated by exchanging money between individuals. A typical case is that elderly people receive pocket money from their children. In the 2008 survey, private transfer income was 30.4 percent, but in this survey, it decreased to 6.7 percent. It means that dependence on their children has decreased significantly.

◇ Choi Hwi: It's a common belief that older people have a low level of education. Let's take a look at the changes in the educational background of the elderly.

◆ Selection number: In the 2008 Survey on Seniors, 33% of the 'unhak' class who did not attend school reached. However, in this survey, it decreased to 12.3%. In the 2008 survey, elementary school graduation accounted for 38.0 percent, the most. The percentage of high school graduates was 10.5%. However, in this survey, high school graduation was the most at 31.2%. The percentage of elementary school graduates decreased to 28.2%.The enrollment rate for comparing the number of enrolled students in the
school age population has steadily increased. In 1980, the college enrollment rate was 11.4%. That means only 11 out of 100 students in the 80s went to college. The rate continued to rise, reaching 23.6% in 1990, 52.5% in 2000, 69.3% in 2010, 71% in 2020 and 76.2% last year. It used to be rare for people to receive higher education, but now it's a time when university quotas outnumber students. As a result, the proportion of highly educated elderly people is expected to increase rapidly in the future. The proportion of 'unhak' who did not attend school at all is also expected to steadily decrease. This is because practical compulsory elementary education has been implemented since he was born in 1947. For one reason or another, the stereotype that the elderly have a low level of education is expected to lose their vitality in the future.

◇ Choi Hwi: The Prime Minister said it to the effect that the age standard for the elderly should be raised. In Korea, the age standard for the elderly is 65. I heard that elderly people see the age at which the elderly start differently.

◆ Selection number: Yes. In a press conference on the 22nd, Prime Minister Han Deok-soo said, "Let's raise the legal age of the elderly to 75 years old," in response to Lee Jung-geun, the new chairman of the Korea Senior Citizens Association, "We will consider it as a careful and important item and review it." Lee Jung-geun, chairman of Booyoung Group, took office as chairman of the Korea Senior Citizens' Association on the 21st and suggested that the age of the elderly be raised in stages. The government seems to have responded to this.
In fact, the elderly also view the starting age of the elderly much higher than the current age of 65. The Survey on Seniors asks respondents, "How old do you think the elderly are?" It's a way to write down your age in a short answer. The average response to this is 71.6 years old. It means that the elderly are over 70 and must be in the middle between 71 and 72 to be considered the elderly. Those who have retired after reaching the retirement age of 60 live as elderly people for more than 11 years, not elderly people. Implications are drawn that there is a need to socially agree on ways to work longer, such as wage peak system and extension of retirement age. In addition, it seems necessary to reset the starting age of various elderly welfare, such as free rides on public transportation.

◇ Choi Hwi: The Ministry of Public Administration and Security and Daegu City Hall announced a plan to extend the retirement age of public officials to 65. What is public service, and what does it mean for them to extend their retirement age?

◆ Selection number: Yes. Public service refers to a person who is a public official working in the state or local government who is engaged in constant and continuous work and has signed an employment contract without a fixed period of time, and is not a public official. Most types of employment are indefinite contract workers, and wages and welfare are determined through wage and collective agreements between the institution and the labor union. Currently, there are about 2,300 public officials belonging to the Ministry of Public Administration and Security, and most of them are in charge of environmental beautification and facility management at government buildings across the country, including the Seoul Government Complex and the Sejong Government Complex. There are administrative, research, driving, and investigative positions such as the Record Office.According to the
administrative policy, civil service workers who have reached the retirement age will be extended to 63 for those born in 1964, 64 for those born in 1965-1968 and 65 for those born in 1969. An official from the Ministry of the Interior and Safety said, "The extension of the retirement age of public officials is aimed at eliminating the income gap in line with the age at which the national pension begins to receive."It is read as the will of the
government to lead the discussion on extending the retirement age. As the aging population becomes severe and the youth decreases due to low birthrates, the production population decreases and the economy shrinks. The plan is to increase the retirement age so that elderly workers can remain in the labor field for a longer time.

◇ Choi Hwi: It's important for older workers to work for as long as they want until they can. It will be important for young people to enter the labor market and find decent jobs. In the end, nothing is done smoothly. Isn't there a sharp solution?

◆ Selection number: The government is strongly advocating for the introduction of the wage peak system. Through labor-management negotiations, let's increase the retirement age but cut wages at an appropriate rate as the number of years of service increases, reducing the burden of labor costs on the management and increasing the capacity to hire young people. The purpose is very good. In fact, there are many things that existing workers think of as a loss. That's why we need a great social compromise, and we need a discussion process. The union organization rate is currently around 10%, so even if a grand compromise is achieved, it is difficult to say that it represents all workers. It takes a long conversation process.

◇ Choi Hwi: Yes. Perhaps many of you listening to this broadcast will agree that the elderly in the past and the elderly now are different. As the times have changed, as we have faced a super-aged society, it seems that it is time for our society to think about old age in various ways. That's all for today's talk. Thank you.

◆ Selection number: Yes. Thank you.

◇ Choi Hwi: This has been fact checker of Cho Sun Soo.