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Over 12% of Korea's population aged 65 or older: report
By Korea HeraldPublished : Sept. 30, 2013 - 11:52
Senior citizens aged 65 or older made up more than 12 percent of South Korea's population this year, a report showed Monday, raising concerns the fast-aging demographic transition could pose a heavy drag on the country's economy.
According to the report by Statistics Korea, the ratio of people belonging to the age group made up 12.2 percent of the country's population of about 50 million, up from 11.8 percent tallied in the previous year.
The ratio is expected to keep growing in the decades to come.
Those aged 65 or older are forecast to make up 24.3 percent of the total population in 2030, 32.3 percent in 2040 and 37.4 percent in 2050, according to the report.
The latest figures come as South Korea is fast moving toward an aged society, in which more than 14 percent of the population is 65 or older. Korea became an aging society in 2000, when the ratio exceeded 7 percent.
The aging population coupled with low birth rates poses a serious threat to the economy as it could become a burden on its finances by increasing expenses on health and welfare for senior citizens.
The report said that on average six working people currently have to support one senior citizen, which is a greater burden on each individual than the comparable figure of 9.9 in 2000.
The figure is expected to decline to 2.6 in 2030, 1.7 in 2040 and 1.4 in 2050, indicating that the burden on younger people to support the livelihood of senior citizens will continue to grow.
As of 2012, expenses on medical check-up and treatment for senior citizens accounted for one-third of the country's total medical spending.
This translates into an average of 2.93 million won (US$2,726) spent on each person in the age group last year, according to the report.
Meanwhile, divorces among people aged 65 or older have been growing fast.
The report showed that the number of divorces filed by men in the age group came to 4,836 last year, and the corresponding number for females totaled 1,955.
The figures accounted for 4.2 percent and 1.7 percent of the country's total divorces last year. They are much higher than 2,589 and 916 tallied in 2005, the report showed. (Yonhap News)
According to the report by Statistics Korea, the ratio of people belonging to the age group made up 12.2 percent of the country's population of about 50 million, up from 11.8 percent tallied in the previous year.
The ratio is expected to keep growing in the decades to come.
Those aged 65 or older are forecast to make up 24.3 percent of the total population in 2030, 32.3 percent in 2040 and 37.4 percent in 2050, according to the report.
The latest figures come as South Korea is fast moving toward an aged society, in which more than 14 percent of the population is 65 or older. Korea became an aging society in 2000, when the ratio exceeded 7 percent.
The aging population coupled with low birth rates poses a serious threat to the economy as it could become a burden on its finances by increasing expenses on health and welfare for senior citizens.
The report said that on average six working people currently have to support one senior citizen, which is a greater burden on each individual than the comparable figure of 9.9 in 2000.
The figure is expected to decline to 2.6 in 2030, 1.7 in 2040 and 1.4 in 2050, indicating that the burden on younger people to support the livelihood of senior citizens will continue to grow.
As of 2012, expenses on medical check-up and treatment for senior citizens accounted for one-third of the country's total medical spending.
This translates into an average of 2.93 million won (US$2,726) spent on each person in the age group last year, according to the report.
Meanwhile, divorces among people aged 65 or older have been growing fast.
The report showed that the number of divorces filed by men in the age group came to 4,836 last year, and the corresponding number for females totaled 1,955.
The figures accounted for 4.2 percent and 1.7 percent of the country's total divorces last year. They are much higher than 2,589 and 916 tallied in 2005, the report showed. (Yonhap News)
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Articles by Korea Herald
