South Korea at the Forefront of the Global Aging Crisis


 
Decades of falling fertility are causing the working-age population of South Korea to fall. Simultaneously, retirees are living longer and forming an ever-larger portion of the population. These factors are causing an extraordinary decline in the number of working-age people available to support the expanding number of retirees.

Number of Working-Age People to each Dependent (65+) in South Korea
The working-age population represents those aged 15 to 64. Period: 1950-2050.
South Korea at the Forefront of the Global Aging Crisis




In 1950, there were nearly 20 people of working age supporting each retiree. By 2050, there will be less than 2. Furthermore, the fast-expanding 65+, mostly-retired cohort cost Governments of rich countries more than the equivalent number of workers, due to unfunded pension, medical and old-age-care costs (3 time seems a minimum). Adding to this already nightmarish equation is the fact that only about 80% of the working-age population has a job due to unemployment, illness, etc. Therefore, these figures overstate the number of workers available to support retirees today. Consequently, an unprecedented and unsustainable tax burden is emerging in South Korea.

More for subscribers:  
See more...The Alarming Cost of Aging Demographics
See more...The Aging Problem Facing All OECD Countries
See more...See more data for Korea...
See more...See more Fertility Rate data...
See more...See more 'Number of Workers to Each Elderly Dependent' data...



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