South Korea’s relative poverty rate among seniors is falling, but remains high among member countries of the Organization for Economic Co-operation and Development (OECD) amid rapid ageing, according to a report released Wednesday. The relative poverty rate among South Korean seniors is falling, but remains high among member countries of the Organization for Economic Co-operation and Development (OECD) amid rapid aging, according to a report released Wednesday.
The relative poverty rate of South Koreans aged 66 or older rose to 40.4% in 2020, from 43.2% the previous year and 47.8% in 2011, according to the Goals report. sustainable development from Statistics Korea.
The relative poverty rate refers to the percentage of people living on an income below 50% of the median income. In 2020, the median monthly employee income in South Korea was 2.42 million won ($1,981).
The statistics agency released the report to assess South Korea’s implementation of the United Nations Sustainable Development Goals aimed at ending poverty and promoting sustainable growth by 2030.
The report showed that the relative poverty rate for the country’s elderly was 3.7 times higher than that of people aged 18 to 65. The ratio was the highest among the 38 OECD member countries in 2018, he said.
In a context of rapid aging, more and more older people are struggling economically as they struggle to get quality jobs after retirement and live solely on their pensions.
South Korea became an elderly society in 2017, in which the percentage of people aged 65 or over exceeded 14% of its population. The country is expected to become a super-aged society in 2025, when the percentage of elderly people will exceed 20%. (Yonhap)