Oh Se-hoon's 40s-50s 'Sandwich Generation' Pledges: "Seoul to Ease Retirement Burdens Together"

Oh Se-hoon, the People Power Party's candidate for Seoul mayor, has announced a set of pledges targeting the so-called "sandwich generation," who are simultaneously facing early retirement, supporting aging parents, and bearing the burden of their children's education.

People Power Party’s Seoul mayoral candidate Oh Se-hoon delivers a congratulatory speech at the Parents' Day commemorative event held at Cafe Pokpo Plaza in Seodaemun-gu, Seoul on the 8th. Photo by Yonhap News

On May 9, at Daewang Building in Jongno-gu, Seoul, Oh unveiled his "Seoul, the Special City for Quality of Life" pledges for those in their 40s and 50s. The pledges address issues faced by the 40s-50s generation, including ▲uncertainty in preparing for old age, ▲the double burden of caregiving, ▲job insecurity, and ▲concerns about housing, by providing specific support measures.

The core of the pledges is the "Seoul-Type Sandwich Generation Pension (Seoul-Type IRP)," which aims to address the "income gap period"—the time after income ends due to early retirement and before the national pension begins at age 65.

Oh proposed that for 200,000 people considered vulnerable in terms of retirement pensions, if a participant saves 80,000 won per month for 10 years, the Seoul Metropolitan Government will contribute an additional 20,000 won per month. The total amount saved at maturity could reach up to 16.4 million won, which, if received over five years between the ages of 60 and 65, would provide about 200,000 won per month.

The pledges also include support for "three-generation households" where individuals are responsible for both caring for elderly parents and raising children. Oh stated that for households living with elderly parents who have been discharged after being hospitalized for over 90 days, the city would provide a care voucher worth up to 7.2 million won, usable within 30 days after discharge. Up to 1,000 households per year would be eligible for this support.

Among households with double caregiving responsibilities that are recipients of basic livelihood benefits, the city will support the "Family Healing Program" with 100,000 won per family to help relieve caregiving stress and restore family relationships. For children, the city will expand its online education platform "Seoul Learn" to provide unlimited access to online courses in all subjects and one-on-one academic and career mentoring.

The support system for job re-entry among the middle-aged will also be strengthened. The "Middle-Aged Employment Academy," currently operating in five districts, will be expanded to all 25 districts in Seoul to improve accessibility.

In the area of housing, the city plans to support 5,000 people aged 40 to 64 without homes and whose income is at or below 100% of the median income, by providing monthly rent support of 200,000 won for one year. Afterward, if participants save 250,000 won per month, the city will match with an additional 150,000 won, enabling them to accumulate a deposit of 10 million won after two years.

Oh stated, "The 40s-50s generation is burdened with both their children's education and parental support, but their own retirement is often neglected," adding, "The Seoul Metropolitan Government will help ease the burdens of retirement, caregiving, employment, and housing for this generation."

This content was produced with the assistance of AI translation services.