Income disparity among Koreans aged 65 and older is widening as the population rapidly ages with fewer job opportunities for the elderly.

Income inequality in Korea among those 65 and older reached an all-time high of 0.419 on the Gini index in 2011, according to the country’s statistics bureau and the Korea Labor Institute.

The number broke the 0.5 mark after measuring incomes after subtracting public assistance funds and basic insurance benefits for senior citizens.

A coefficient approaching 1 signifies greater inequality.

Korea’s Gini index reached its highest rate since 2003, when it was 0.399. The rate was the third highest among the Organization for Economic Cooperation and Development’s 34 members, behind Mexico’s 0.524 and Chile’s 0.474, while surpassing the OECD average of 0.299.

Analysts pointed to the lack of employment and welfare or social safety net systems for senior citizens as reasons Korea suffers from an increasing income disparity.

“The Gini index of over 0.400 shows seriousness in Korea’s income inequality among senior citizens aged 65 and over,” the labor institute said in a statement.

By Park Hyong-ki (hkp@heraldcorp.com)