First, it wants, as noted, to establish a tax-funded universal entitlement to basic living income (set at JPY 70, 000 a month, up from the current JPY 66, 000) for all elderly and retired persons, with, however, a phased reduction and final elimination of the entitlement in relation to pension benefits being received from pension plans into which had previously contributed premiums (i.e, the current system).

FORBES: Work Begins on Reforming the National Pension (3)

In 2008 Korea introduced an earned-income tax credit, a universal basic pension and an insurance scheme providing long-term care for the elderly.

ECONOMIST: Asian welfare states