The ratio of senior citizens aged 65 and over in South Korea has risen to an all-time high in 2014, government data showed Monday, indicating that its population is aging at a fast pace.

According to the data by Statistics Korea, 12.7 percent of the country's population of 50.4 million is aged 65 or older, which is higher than the 12.2 percent tallied in 2013.

This marked the highest number ever since related data started to be compiled in 1960, when the ratio stood at 2.9 percent.

The agency expects the percentage to further increase to 24.3 percent by 2030 and 40.1 percent by 2060, respectively.

The figures come amid growing fears that South Korea is fast becoming 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 topped 7 percent.

Experts worry that the aging population, coupled with the low birthrate, poses a serious threat to the nation's economy as it could lead to fewer working people and increased spending on health and welfare.

The agency said that an average of 5.8 working-age people are supporting the livelihood of one senior citizen this year. If the current low birthrate continues, the ratio is expected to fall to 2.6 in 2030 and 1.2 in 2060, meaning that younger people would have a greater burden in supporting the lives of senior citizens.

Apparently feeling insecure about their livelihoods, older people want to remain employed, the data showed.

Of senior people aged 55-79, 62 percent said that they want to work, which is higher than the 59.9 percent tallied a year earlier.Their employment rate also stayed high. Of those aged 55 and older, the rate stood at 47.2 percent. In particular, the rate among people aged 60-64 came to 57.2 percent, which exceeded the 56.8 percent for those in their 20s, the data showed. (Yonhap)