[Square] Preparing for a Super-Aged Society Where 'Old Age Is Happy'

[Asia Economy] There are many concerns about our society aging rapidly. Starting this year, the eldest of the Baby Boomer generation, those born in 1955, have turned 65. It is understandable to worry since by 2025, the elderly population is expected to reach 10 million. Those making such claims present statistics showing that the old-age dependency ratio will nearly double from 18.8 in 2017 to 33.0 in 2027, and by 2067, it will reach 102.4, meaning there will be more elderly people needing support than the population available to support them.

However, the Baby Boomer generation themselves do not consider themselves elderly. Among the new middle-aged group, 52.6% believe the age criterion for being elderly is between 70 and 74 years old, and 20.8% even say it is between 75 and 79 years old. Unlike previous elderly generations, most of them live in urban areas and have higher average levels of education, income, and health. They are familiar with digital culture and devices, enabling quick learning abilities. They actively participate in social gatherings and leisure activities using social networking services (SNS), and they want to contribute to society or engage in meaningful work by utilizing their experience.

Policies must adapt to changing environments and the needs of the target groups to succeed. The 4th Basic Plan for Low Fertility and Aging Society, jointly announced by related ministries on December 15, also considered the active nature of the Baby Boomer generation entering the elderly population. The plan aims to establish a solid institutional foundation across all areas of life?health, employment and social activities, housing, and care?so that they can continue to actively participate as key members of society.

First, to extend healthy life expectancy, which is essential for improving the quality of life in old age, a preventive healthcare system foundation will be established. A health incentive system will be introduced to encourage elderly individuals to make efforts to improve their own health, and pilot projects for chronic disease management will be expanded along with the promotion of visiting healthcare services such as home visits.

Additionally, the Baby Boomer generation, equipped with expertise and experience, will be supported to work longer in their "main jobs" and succeed in second and third careers after retirement. To encourage continued employment in main jobs, financial support such as continued employment incentives for companies will be increased, and mid- to long-term consulting for wage system reforms like job-based pay will be provided. After retirement from main jobs, vocational training, reemployment, and startup support systems will be expanded to help them utilize their expertise. Furthermore, retired professionals will be nurtured as senior consultants to actively support corporate mentoring and social contribution activities.

Next, an environment will be created so that future elderly generations can continue to live in their own homes rather than in facilities as they age (aging in place). The supply of elderly-customized welfare housing designed for safe living will be expanded, and various services such as visiting medical care, health management, care, and long-term care services will be linked and provided to support independent living for elderly residents in welfare housing. Also, the community-integrated care currently being piloted will be expanded nationwide to build a comprehensive care system that allows elderly people to receive health management, medical care, and care services in their own homes.

Finally, to prepare for a super-aged society, the elderly-friendly industry will be actively fostered. The Baby Boomer generation, who possess relatively abundant income and assets compared to previous generations, can become the main consumers in the elderly-friendly market with strong purchasing power. Investment in research and development (R&D) for autonomous and support technologies, such as AI-based care robots and non-face-to-face safety and health management services, will also be significantly increased.

The issues of the Baby Boomer generation are not only those of future elderly generations. Creating conditions for healthy aging, respect, and the ability to work longer ultimately benefits all generations. To enable elderly people to achieve self-realization and reap the fruits of their lives as key members of society, the government, businesses, civil society, and local communities must share awareness and collaborate.

Yang Sung-il, 1st Vice Minister, Ministry of Health and Welfare