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Lee Hyo-jin

Korea Times Finance Reporter

Lee Hyo-jin covers the Bank of Korea, the banking industry and broader financial news. Her previous beats include foreign affairs, North Korea and general reporting on Korean society.

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Society

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

Jan 8, 2023By Lee Hyo-jin
Elderly population outgrows social safety net
  • Soup kitchen in Seoul provides more than just meals to homeless and elderly
Society

Korea to take drastic measures to tackle population decline

Na Kyung-won, chief of the presidential committee on Aging Society and Population Policy, speaks during a press conference held at Korea Press Center in Seoul, Thursday. Courtesy of presidential committee on Aging Society and Population PolicyBy Lee Hyo-jin The government will take drastic measures to tackle Korea's demographic crisis of its falling birthrate and rapidly aging society, said Na Kyung-won, head of the presidential committee on Aging Society and Population Policy, who floated the idea of writing off loans for married couples who give birth to children.“Now is the absolute last chance to take action on the imminent demographic crisis. Responding and adapting to the demographic change is a matter of the nation's survival and sustainability,” Na, a four-term lawmaker, said during a press conference held in Seoul, Thursday.Korea is expected to become an ultra-aged society by 2025, in which 20 percent of the population is aged 65 and over. The country's fertility rate, which has been the lowest in the world for several years, is showing no signs of rebound with t

Jan 5, 2023By Lee Hyo-jin
Korea to take drastic measures to tackle population decline
Health

COVID-positive Chinese traveler escapes quarantine facility

Quarantine officials guide travelers from China in the arrivals hall at Incheon International Airport, Wednesday. NewsisTravelers from China account for 76% of 172 imported infection cases, TuesdayBy Lee Hyo-jin A man of Chinese nationality has escaped a quarantine facility, Tuesday night, where he was placed in isolation after testing positive for COVID-19 upon arriving in Korea earlier in the day. The Incheon Metropolitan Police Agency said Wednesday that the 41-year-old Chinese national, who had tested positive in a PCR test upon arriving at Incheon International Airport, disappeared from a hotel on Yeongjongdo Island at around 10 p.m. Tuesday. The hotel is currently being used as a government-designated isolation facility for foreign nationals.The man allegedly ran away after arriving at the hotel with other virus carriers via a government-provided bus. Footage from surveillance cameras showed that he was last spotted near a large retailer located about 300 meters from the hotel, but his whereabouts are still unknown.The Korea Disease Control and Prevention Agency (KDCA) said it

Jan 4, 2023By Lee Hyo-jin
COVID-positive Chinese traveler escapes quarantine facility
  • Korea's COVID-19 cases fall below 65,000
Society

Korea offers easier pathway to citizenship for science, technology experts

The Ministry of Justice / Korea Times fileBy Lee Hyo-jin Starting this year, foreign nationals who have obtained advanced degrees in science and technology fields here will be offered an easier path to citizenship or permanent residency. The Ministry of Justice announced on Sunday that the fast-track pathway for residency to science and technology experts, which had been running on a trial basis, will be expanded this year.The new measures will enable eligible applicants to obtain permanent residency or citizenship in three years, down from the current six years.Under the newly launched system, non-Korean nationals who have obtained a master's degree or a Ph.D. at universities or educational institutions specializing in science and technology ― designated by the government ― will be able to apply for an F-2 visa with a letter of recommendation from the dean, and regardless of their employment status.The government has so far designated Korea Advanced Institute of Science and Technology (KAIST), Daegu Gyeongbuk Institute of Science and Technology (DGIST), Gwangju Institute of Science

Jan 2, 2023By Lee Hyo-jin
Korea offers easier pathway to citizenship for science, technology experts
Society

Planned subway fare hike irks commuters

Commuters pass the turnstiles at Seoul City Hall Station on Lines 1 and 2, Dec. 1. YonhapSubway fares in Seoul to increase to 1,550 won By Lee Hyo-jin The Seoul Metropolitan Government's proposed subway fare hike is drawing complaints from members of the public who feel that the authorities should revise the free travel system for the elderly so as to tackle the subway operator's financial losses, instead of adding the burden on younger commuters.According to Seoul city, subway fares are set to rise from as early as April by 300 won (24 cents) to 1,550 won from the current 1,250 won, due to snowballing deficits mainly caused by the nationwide welfare policy, which offers free travel to senior citizens aged 65 and above. Bus fares are also likely to rise by 300 won from the current 1,200 won.It is the first public transit fare hike in Seoul in eight years since it was raised by 200 won in 2015. The capital city's decision is likely to be followed by other local governments.The authorities explained that the fare hike is inevitable due to the central government's continuous refusal to

Jan 1, 2023By Lee Hyo-jin
Planned subway fare hike irks commuters
Health

Chinese nationals bulk-buy cold medicines in Korea

People walk past a pharmacy in Jongno District, Seoul, Feb. 9. YonhapDrug shortage in China sparks panic buying from neighboring countriesBy Lee Hyo-jinSome Chinese nationals appear to be bulk-purchasing cold medicines and fever relievers in Korea amid a shortage of drug supplies in their home country following an explosive surge in COVID-19 infections there. The Korean government plans to strengthen monitoring to prevent them from buying drugs in large quantities, as Korea is also grappling with a scarce supply of medicines amid the ongoing “twindemic” of the flu and the coronavirus.After ditching its years-long zero-COVID policy that had largely kept infections at bay, China is currently battling with its worst pandemic outbreak. While the official infection counts by the Chinese authorities are believed to be a major underestimate, hospitals are being overwhelmed with elderly patients and people are rushing to pharmacies to stock up on cold medicine and test kits. Earlier this week, the Hong Kong-based South China Morning Post reported that pharmacies in Tokyo have imp

Dec 30, 2022By Lee Hyo-jin
Chinese nationals bulk-buy cold medicines in Korea
Society

At least 5 dead in Gwacheon overpass fire

A covered overpass of an expressway in Gwacheon, Gyeonggi Province, is on fire Thursday afternoon, killing at least five people and injuring nearly 40 others. YonhapBy Lee Hyo-jin A fire broke out in a covered overpass of an expressway in Gwacheon, Gyeonggi Province, Thursday afternoon, killing at least five people and injuring nearly 40 others.The blaze started at 1:49 p.m. in a covered section of the 2nd Gyeongin Expressway after a bus collided with a cargo truck, according to the fire department. Videos posted on social media showed plumes of smoke and huge flames at the scene of the accident. The fire prompted dozens of drivers and passengers in vehicles inside the covered overpass to evacuate. As of 4 p.m., five people were found dead, while more 39 were injured. The authorities initially announced the death toll to be six, but reduced it to five a few hours later citing a counting error. The bodies were discovered in burnt-out vehicles inside the covered overpass. Of the injured victims, three were seriously wounded and others are receiving treatment after inhaling smoke. The c

Dec 29, 2022By Lee Hyo-jin
At least 5 dead in Gwacheon overpass fire
Politics

Yoon administration tightens monitoring of civic groups receiving gov't subsidies

Lee Kwan-sup, senior presidential secretary for policy planning, speaks during a briefing at the presidential office in Yongsan, Seoul, Wednesday. YonhapBy Lee Hyo-jin The Yoon Suk-yeol administration vowed on Wednesday to tighten monitoring of the accounting systems of civic groups that receive government subsidies to ensure transparency in their financial management.The government, in particular, focused on the fact that the amount of subsidies offered to nonprofit organizations saw a substantial increase during the previous Moon Jae-in administration, adding that it will look further into possible accounting irregularities.The presidential office disclosed the results of an interim inspection on the use of state funds provided to private civic groups nationwide, which revealed dozens of cases of audit fraud and misuse of funds over the last seven years.“Improving transparency in the use of government subsidies of nonprofit civic organizations had been selected as one of the key tasks of the Yoon Suk-yeol government,” senior presidential secretary for policy planning Le

Dec 28, 2022By Lee Hyo-jin
Yoon administration tightens monitoring of civic groups receiving gov't subsidies
  • Gov't subsidies to private organizations surged during Moon presidency: Yoon office
Society

New slogan for Seoul put to vote

This image shows four candidates for Seoul city's new slogan, which will be decided on in a public vote from Wednesday through Jan. 31. Courtesy of Seoul Metropolitan GovernmentBy Lee Hyo-jin The Seoul Metropolitan Government announced Tuesday that four options for the city's new slogan will be put to a vote from Wednesday through Jan. 31. The winning slogan will replace the current “I.Seoul.U.”The four candidates are: “Seoul for you,” “Amazing Seoul,” “Seoul, my soul” and “Make it happen, Seoul.” After embarking on the project to develop a new slogan in August, the city government held a public contest soliciting for new ideas and conducted a survey on the initial candidates among 2,000 individuals both in Korea and abroad.“Seoul for you,” which is supposed to mean that the city government has everything its residents need, embodies its governing philosophy, “accompanying the vulnerable,” explained the city government.“Amazing Seoul” symbolizes the city as the nation's traditional and cul

Dec 27, 2022By Lee Hyo-jin
New slogan for Seoul put to vote
Society

Sex doll experience shops in legal gray area

Sex dolls displayed on the website of a local company selling the products / YonhapBy Lee Hyo-jin The government's latest decision to scrap a ban on imports of life-size sex dolls has reignited debates on sex doll experience cafes where customers pay money to enjoy the products in a private space. The Korea Customs Service announced on Monday it will lift the ban on the import of complete-bodied sex dolls, ending a years-long dispute with importers of the products. Although there are currently no laws specifically prohibiting the import of sex dolls, customs authorities had been seizing most of them, citing a clause that bans the import of goods that may harm public morals.The customs agency's move came after a series of court rulings sided with the importers by saying that the use of sex dolls should be left to individual discretion. The authorities, however, stressed that child-like sex dolls and those resembling certain people will continue to be banned.The lifting of import bans came as good news to owners of sex doll experience shops that have been increasing here in recent year

Dec 27, 2022By Lee Hyo-jin
Sex doll experience shops in legal gray area
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CEO & Publisher: Oh Young-jinDigital News Email: webmaster@koreatimes.co.krTel: 02-724-2114Online newspaper registration No: 서울,아52844Date of registration: 2020.02.05Masthead: The Korea TimesCopyright © koreatimes.co.kr. All rights reserved.