Over the past 10 years, the income of elderly people in South Korea has increased by 79%, which is due to the expansion of public pensions. The ratio of elderly people receiving both National Pension and Basic Pension has nearly doubled, and their dependence on children's allowances has been halved. However, the income of National Pension recipients alone is more than three times that of Basic Pension recipients alone, so the problem of income inequality still remains. Therefore, it is urgent to restructure the two pension systems in preparation for an increase in concurrent recipients and to develop more practical old-age income security policies for low-income elderly people.
