One of the Ten Commandments commands us to honour our parents. In fact, this is one of the few commandments for which a benefit is specified: “So that your life may be long and that you may be happy in the land that the Lord your G-d gives you.” (Deuteronomy 5:16)
Respect for one's parents is a value deeply rooted in a Jew. The Law specifies in detail what the fundamental obligations towards parents are, not only to ensure their basic needs, but also to honour them so that they are not humiliated or dishonoured in public.
Respect for the elderly is not a value limited to one's own parents. The Bible calls for standing up in the presence of an elder, and the Law stresses that one must not only show them respect but also demonstrate the esteem that their venerable age deserves.
Source: "Per conoscere l'ebraismo" by Daniel Taub