Elderly: Much needs to be done in China
payment is 510,000 won, with some people who contributed into private schemes receiving a lot more while about half of recipients getting less than 250,000 won, government data show.
Silver services have also popped up across Japan, where about a third of the population is over 60 and the government is gradually raising the age for eligibility for pensions to 65. Some of the elderly in Japan also keep working out of necessity, but the poverty rate for seniors is far lower than in South Korea, and many work part - time to supplement pensions or simply to keep active.
About 19 percent of China’s population will be over 60 by 2020, and almost 39 percent by 2050, Human Resources and Social Security Minister Yin Weimin said last year. While China has some time to prepare, there is much to be done.
A survey of middle-income households in South Korea found that most estimate their living costs after retirement will be more than double what they expect to receive from the national pension. The survey last month by NH Investment & Securities Co, which polled 1,025 households, found that 96 percent of respondents intend to continue working after official retirement to supplement public and private pension income.
That means a future with a lot more seniors shuffling through Seoul’s subways carrying packages for silver services.
Cho Won-dae, a 84, who’s been at it for a decade, said his advice to others is: “Forget about what your past job was. It’s better to make some money, no matter how little.”