{"id":2200306,"date":"2023-03-03T08:00:30","date_gmt":"2023-03-02T23:00:30","guid":{"rendered":"https:\/\/koreapro.org\/?p=2200306"},"modified":"2023-04-05T16:08:04","modified_gmt":"2023-04-05T07:08:04","slug":"south-koreas-elderly-population-to-break-10-million-in-2024","status":"publish","type":"post","link":"https:\/\/koreapro.org\/2023\/03\/south-koreas-elderly-population-to-break-10-million-in-2024\/","title":{"rendered":"South Korea\u2019s elderly population to break 10 million in 2024"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Statistics Korea on Monday released data forecasting South Korea\u2019s population of people aged 65 or older will <\/span><a href=\"https:\/\/www.hankyung.com\/economy\/article\/2023022760021\"><span style=\"font-weight: 400;\">exceed 10 million<\/span><\/a><span style=\"font-weight: 400;\"> next year. It will be a 5.4% increase compared to this year and will mark an era in which 20% of the country\u2019s population are senior citizens. South Korea\u2019s elderly population broke the nine million mark for the first time in 2022. According to the United Nations, a <\/span><a href=\"https:\/\/www.ncbi.nlm.nih.gov\/pmc\/articles\/PMC6163734\/#:~:text=According%20to%20the%20United%20Nations,aged%2065%20years%20and%20older.\"><span style=\"font-weight: 400;\">super-aged society<\/span><\/a><span style=\"font-weight: 400;\"> is where more than 20% of the population is 65 years and older.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">On the other hand, the population of all other age groups is projected to shrink. Those aged 14 or younger will shrink from 5,686,017 this year to 5,462,580 next year. The number of working-age people will fall from 37,029,895 in 2021 to 36,029,123 next year.<\/span><\/p>\n<p><b>Why It Matters<\/b><\/p>\n<p><span style=\"font-weight: 400;\">South Korea\u2019s aging society combined with its shrinking youth population will result in a drop in personal incomes, which in turn will accelerate the depletion of the country\u2019s state-run retirement pension fund, the National Pension Service (NPS). South Korea\u2019s economy is expected to grow by <\/span><a href=\"https:\/\/www.koreatimes.co.kr\/www\/biz\/2023\/02\/488_344602.html\"><span style=\"font-weight: 400;\">1.7%<\/span><\/a><span style=\"font-weight: 400;\"> this year, while the year the NPS fund is expected to be depleted has been brought forward by two years to <\/span><a href=\"https:\/\/en.yna.co.kr\/view\/AEN20230127010700320\"><span style=\"font-weight: 400;\">2055<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The Yoon administration will be under greater pressure to begin pension reforms \u2014 the government will likely attempt to raise the premium rate. The minimum age of pension payout will be raised to 65 by 2033, up from the current 62 this year. South Korea has one of the highest <\/span><a href=\"https:\/\/www.koreaherald.com\/view.php?ud=20220406000560\"><span style=\"font-weight: 400;\">poverty rates for senior citizens<\/span><\/a><span style=\"font-weight: 400;\"> among OECD countries.<\/span><\/p>\n<div class=\"content-tags\"><a href=\"https:\/\/koreapro.org\/tag\/business-economy\/\"><span class=\"tag\">Business &amp; Economy<\/span><\/a><a href=\"https:\/\/koreapro.org\/tag\/domestic-politics\/\"><span class=\"tag\">Domestic Politics<\/span><\/a><\/div>","protected":false},"excerpt":{"rendered":"<p>Statistics Korea on Monday released data forecasting South Korea\u2019s population of people aged 65 or older will exceed 10 million next year. It will be a 5.4% increase compared to this year and will mark an era in which 20% of the country\u2019s population are senior citizens. South Korea\u2019s elderly population broke the nine million [&hellip;]<\/p>\n","protected":false},"author":10407,"featured_media":2200307,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[30],"tags":[24,27],"class_list":["post-2200306","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-briefings","tag-business-economy","tag-domestic-politics"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>South Korea\u2019s elderly population to break 10 million in 2024 - KOREA PRO<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/koreapro.org\/2023\/03\/south-koreas-elderly-population-to-break-10-million-in-2024\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"South Korea\u2019s elderly population to break 10 million in 2024 - KOREA PRO\" \/>\n<meta property=\"og:description\" content=\"Statistics Korea on Monday released data forecasting South Korea\u2019s population of people aged 65 or older will exceed 10 million next year. 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