Aging Society

Elderly Korean men take a walk.
Elderly Korean men take a walk.

 

An increasing number of international organizations are warning the Korean government about the risk of a rapid decline in the number of people capable of working, urging it to find solutions to the mounting risk. 

According to a recent World Bank report, the amount of the Korean population in the age group of 15 to 64, that is, the working-age population, is estimated to decrease by at least 15 percent between 2010 and 2040. The estimated decrement exceeds 15 percent in Hong Kong as well, but is slightly less than the 10 percent in Singapore, Taiwan, Japan, and China. 

The World Bank also pointed out that Korea is second only to Vietnam when it comes to the rapidity of the aging population. In the report, it calculated the speed based on the length of time taken for the ratio of those aged 65 or older to the entire population to double to 14 percent. Vietnam recorded 15 years to be followed by Korea, Malaysia, Thailand, and Indonesia, each of which recorded two decades. The calculated period is 25 years for Japan, 30 years for China and Hong Kong, 45 years for Britain, and 69 years for the United States.

Copyright © BusinessKorea. Prohibited from unauthorized reproduction and redistribution