Rival parties compete for older voters as electorate grows grayer

General election 2024

Published: 26 Mar. 2024, 18:30 Updated: 27 Mar. 2024, 10:38

Rival parties compete for older voters as electorate grows grayer

People Power Party's interim leader Han Dong-hoon, left, and Democratic Party leader Lee Jae-myung [YONHAP]

Political parties are scrambling ahead of the April 10 general election to appeal to older people, who are expected to make up the highest percentage of voters.

According to the Ministry of the Interior and Safety's data, 31.4 percent of the 44.3 million eligible voters above 18 are in their 60s or older, surpassing the 28.8 percent in their 20s and 30s.

This marks the first year in which the number of older voters surpasses that of younger ones. The proportion of voters in their 60s or older has increased steadily in past general elections, rising from 18.3 percent in 2008 to 19.7 percent in 2012, 22.7 percent in 2016 and 26.8 percent in 2020.

Electoral candidates have also aged. The average age for candidates in the upcoming general election stands at 57.8. This is three years older than the average age in the 2020 election and the highest since data began being collected in 2018.

General election voters 60 or older [NAM JUNG-HYUN]

One major welfare policy targeting the older generation, proposed by both the liberal Democratic Party (DP) and the conservative People Power Party (PPP), is the extension of national health insurance coverage to caregiver expenses.

However, doubts linger over the plan's feasibility, as neither party has clearly explained how they intend to fund these policies, saying they would merely "adjust their expenditure plans."

Democratic Party leader Lee Jae-myung shakes hands with an older adult at a senior center in Yeongdeungpo District, western Seoul, on Dec. 21, 2023. [YONHAP]

The national health insurance system is anticipated to face a deficit by 2028 as society ages.

Additionally, offering free lunches at senior centers, a populist strategy included in both parties' 10 major pledges for the election campaigns, has drawn criticism for lacking clarity regarding funding.

Last December, DP leader Lee Jae-myung proposed offering free lunches five times a week after visiting a senior center in Seoul. The PPP then also pledged to provide such lunches seven times a week.

However, neither party has disclosed how they plan to finance this initiative. The DP estimated around 148.7 billion won will be needed to provide free lunches five times a week.

More policies for older people have been announced. President Yoon Suk Yeol said last Thursday that the government would supply 3,000 public rental housing units annually for older people.

The DP also proposed to supply 100,000 housing for older people over the next four years.

President Yoon Suk Yeol, left, shakes hands with an older adult during a public livelihood debate held at the headquarters of the Health Insurance Review & Assessment Service in Wonju, Gangwon, on Thursday. [PRESIDENTIAL OFFICE]

Unlike the pledges for older people, policies aimed at younger people come with several conditions.

The DP's proposal to overcome the country's low birthrate by offering zero-interest loans to newlyweds is only applicable to couples with at least one child.

The DP has also proposed providing public housing to families with children, while the PPP pledged to mandate a month of paternal leave. Critics say both proposals are highly unrealistic.

The National Assembly has also not begun its pension reform despite forming a special committee in 2022. The National Assembly said it aimed to complete the plan within the current parliament’s term. However, the committee is still discussing the plan's directions.

“If we increase pledges for older people, other policies will be less prioritized, potentially harming the future generation,” said Eom Ki-hong, a political science professor at Kyungpook National University.

“We should develop policies with a long-term perspective to relieve the burden on future generations and ensure stability for the elderly.”

BY KIM HYO-SEONG, CHO JUNG-WOO [cho.jungwoo1@joongang.co.kr]