Elderly population outgrows social safety net
Experts call for drastic measures as Korea braces for ultra-aged societyBy Lee Hyo-jin Korea's consistently low birthrate coupled with a higher life expectancy is rapidly transforming the country's demographic structure. The latest data from Statistics Korea projects the nation to become a super-aged society by 2025, in which over 20 percent of its 52 million population are aged 65 and older. In line with the increase in the elderly population, the number of economically vulnerable senior citizens is rising at a rapid pace.According to a 2022 OECD report, the relative poverty rate among people aged over 65 in Korea came to 43.2 percent, the highest among its member countries, and a position the nation has maintained for several years. The relative poverty rate refers to the proportion of the population whose income is below 50 percent of the nation's median income. Experts, who pointed out Korea's ill-preparedness for the imminent transformation into an ultra-aged society, said the government should urgently revamp the nation's welfare system and take drastic steps to bolster the soc
