Joo Hyung-hwan: "People born in the 60s are different from previous elderly generations... Aging policy direction must change"

Baby Boomers Have High Education and Asset Levels
Discussion on Intergenerational 'Job Coexistence Cooperation'

Joo Hyung-hwan, Vice Chairman of the Presidential Committee on Low Fertility and Aging Society, announced that comprehensive measures covering all aspects of the aging society will be prepared by the end of this year.

On the 29th, at the "Super-Aged Society, Employment and Job Coexistence Strategy Forum" held at the Government Complex Annex in Jongno-gu, Seoul, Vice Chairman Joo stated, "(In the future) the nature of elderly labor and the patterns of elderly poverty may change." He added, "The baby boomer elderly born in the 1960s are highly educated and often possess a certain level of assets, unlike previous elderly generations," emphasizing the need to "re-recognize the heterogeneity by age group and cohort among the elderly." He also noted, "Policies that have been overly focused on elderly welfare need to be improved."

[Image source=Yonhap News]

He said, "Considering the speed and patterns of population aging, a 10-year plan is extremely important," and added, "The Low Fertility and Aging Society Committee will form a task force (TF) centered on various sectors, related ministries, and national and private research institutions." He further explained, "This year, the national median age is 46, and it is expected to reach 60 by 2056, but 24 regions, including Uiseong-gun, already have a median age of over 60," stressing the need for "specific strategies tailored to regional characteristics."

Vice Chairman Joo argued, "The elderly-friendly industry should be utilized as a new growth opportunity." He stated, "Support must be strengthened to maintain healthy aging and improve the quality of life for citizens through innovative technologies such as digital healthcare, artificial intelligence, robotics, and fintech."

At the forum, measures to revitalize the utilization of elderly labor and intergenerational employment and job coexistence cooperation plans were discussed.