Ahn said he will eliminate the poverty level among senior citizens by raising the basic pension for those in the lower 50 percent income bracket to 300,000 won ($264) and scrap a system that disadvantages fee-paying subscribers of the national pension service. Currently, citizens aged 65 or older in the lower 70 percent income bracket receive 200,000 won a month in basic pension.

He also offered to provide senior citizens with more than 3,000 "jeonse" rental houses every year during his five-year term in office and build 10,000 public facilities for the elderly.

Jeonse is a home rental system unique to South Korea, where tenants pay a large sum of money as a deposit instead of paying monthly fees. Landlords profit off of the large deposits before returning the entire initial amount when the rental contract expires.

Sim Sang-jeung, presidential candidate of the progressive Justice Party, in the meantime, released a pledge for a more advanced basic pension system.

She vowed to pay 300,000 won a month to all senior citizens aged 65 or older and scrap a system that disadvantages fee-paying subscribers of the national pension service, if elected. (Yonhap)