Elderly to Outnumber Children by 2016

One in 10 Koreans Over 65

By Lee Hyo-sik
Staff Reporter

One out of every 10 Koreans is aged 65 or older as senior citizens live longer on better healthcare amid the rapidly declining birthrates. Also, senior citizens are projected to outnumber youths under 15 by 2016, the National Statistical Office (NSO) reported Monday.

More senior citizens mean greater costs for the country to take care of the livelihoods of the elderly. The government has kept increasing its budget for the expansion of social net but that has been far from enough. Aging population coupled with low birthrates will undermine the country's growth potential.

``The number of younger population paying taxes and pension for senior citizens continues to fall. It's a huge burden for the overall economy,'' it said.

The number of Koreans over 65 stood at 4.81 million as of July, up 4.88 percent from a year ago, accounting for 9.9 percent of the total population.

The ratio was up from 9.5 percent last year, 7.2 percent in 2000 and 5.1 percent in 1990. It is forecast to reach 11 percent in 2010, 14.3 percent in 2018 and 20.8 percent in 2026, according to the statistical office

Also, the aging index, or the number of people aged over 65 per 100 youths under 15, came to 55.1 as of July. If Korea's population ages at the current pace, the index is projected to reach 100.7 in 2016, indicating that there will be more senior citizens than children in the country. It will further increase to 213.8 by 2030.

The number of workers aged 15-64 per one senior citizen dropped to 7.3 this year from 7.6 a year earlier, indicating that about seven economically active Koreans provide for one elderly person.

The number is expected to further decline to 6.6 in 2010, 5.1 in 2018 and 3.2 in 2026 because of the aging population and falling birthrates.

Meanwhile, the statistical office said pension and social security-related transfer income accounted for 57 percent of elderly married couples' monthly income of 1.2 million won last year.

Senior citizens' combined medical expenses topped 7.4 trillion won in 2006, or 26 percent of the country's total healthcare and medical expenditures. It was up from 24.4 percent in 2005 and 17.8 percent in 2001.

leehs@koreatimes.co.kr

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