South Korea’s working-age population is likely to decline in the future, putting more pressure on the young to support senior citizens who are not in the labor force.
According to a report released by the OECD, the number of individuals in the workforce per senior citizen in Korea is predicted to decline to 1.96 by the year 2036, from this year’s 5.26.
This means less than two working Koreans will have to support a single dependent, elderly individual.
South Korea currently ranks third after Mexico and Chile for the number of productive members of the population supporting dependent individuals, but its ranking is expected to drop to 30th place by 2036.
The average number of working-age individuals per elderly individual among OECD countries is currently 3.74, and is estimated to drop to 2.38 in 2036.
The Welfare Ministry predicts that those who are aged 65 or older will account for 24.3 percent of the nation’s entire population by 2030, and 40.1 percent by the year 2060.
Meanwhile, the nation’s birthrate is currently the lowest among OECD countries.