South Korea priorities job creation for older jobseekers
The Senior Employment and Social Activity Support Programme in South Korea has been demonstrated to assist older jobseekers in staying healthy, improving their emotional stability and social connections, as well as bringing economic benefits to them. The programme has also been able to help its participants increase their quality of life and alleviate depression.
Administered by the Korea Labour Force Development Institute for the Aged (KORDI), it is estimated that the programme can help each participant save around 70,000 won (US$51) in monthly medical expenses, which combined could save society 700 billion won (US$5.25 million) for the public health care system.
KORDI sets out to prioritise job creation for senior citizens, as South Korea’s elderly population is set to reach 10 million by 2025. This will be equivalent to about 20% of the entire population of the country, which would result in soaring social costs to take care of the greying population.
The Senior Employment and Social Activity Support Programme was originally designed to help seniors from low-income, marginalised populations secure a stable income. But along with the income stability, the programme has turned out to be effective at a personal and social level in helping participants stay healthy, reducing health care costs, encouraging social interactions, maintaining their dignity, and allowing them to enjoy recreational activities, reported The Korea Herald.