Lee Jae-myung: "Introduce 'Jangnyeon Allowance' of 1.2 million KRW annually for early 60s before pension benefits"

Lee Jae-myung, the Democratic Party presidential candidate, is announcing six major pledges for a job revolution on the 18th at the party headquarters in Yeouido, Seoul. Photo by Yoon Dong-joo doso7@

[Asia Economy Reporter Koo Chae-eun] Lee Jae-myung, the presidential candidate of the Democratic Party of Korea, announced that he will introduce an annual 'Senior Allowance' of 1.2 million KRW until public pension payments begin after retirement and abolish the couple reduction rule in the basic pension.

On the afternoon of the same day, Lee revealed seven major pledges for the elderly at a senior center in Shindaebang 2-dong, Dongjak-gu, Seoul, stating, "We must ensure that the elderly, who have created the proud history of the Republic of Korea, can live healthy and happy lives in their old age."

First, he decided to abolish the couple reduction (20%) rule applied to the basic pension paid to the bottom 70% income elderly aged 65 and over. Additionally, noting the income gap faced by retirees in their early 60s before receiving public pensions, he pledged to provide an annual Senior Allowance of 1.2 million KRW to this group during his term.

He also plans to expand the scope and eligibility for health insurance coverage of dental implants. The number of implants covered by health insurance for those aged 65 and over will increase from the current two to four. Lee explained, "We will gradually lower the age for health insurance coverage of two implants from 65 to 60 years old, and expand coverage for those who have no teeth at all when receiving implant treatment."

Job creation was also pledged. The current approximately 800,000 senior jobs will be significantly increased to 1.4 million by the end of his term. Public service-type jobs will be expanded up to 1 million. Lee said, "We will increase social service-type jobs to 100,000 to ensure smooth manpower supply in social service fields," adding, "We will also expand private-sector senior jobs." He particularly noted, "Last year, about 100,000 National Pension recipients had their old-age pension reduced because they had earned income. We will gradually adjust this so that working seniors' National Pension is not unfairly reduced."

Furthermore, he announced that the payment deadline for comprehensive real estate tax will be postponed for a certain period for those with income below a certain level who own only one house. Lee said, "Many retired seniors live relying on pension income or allowances from their children while owning only one house. For seniors who own only one house and have income below a certain level, the payment deadline for comprehensive real estate tax will be postponed until they earn income or dispose of the house."