Seoul's working population to fall 1 mil. by 2032

By Kim Bo-eun

The working-age population of the capital will decrease by more than 1 million in 20 years, statistics showed Tuesday.

According to the data, the number of working-age people (those from 15 to 64) in Seoul stands at 7.6 million, accounting for 76.6 percent of the total population, as of July this year. It is predicted that this will decline by 1.08 million to 6.5 million, or 64.5 percent of the total population, by 2032.

The sizable shrink is bound to create shortages in the labor force as well as adding to the burden of supporting the large number of senior citizens.

During the same period, the population of those aged zero to 14 will decrease by 154,000 and those aged 65 and older will increase by 1.4 million.

In 2016, the size of the elderly population will surpass that of the younger one and make up 20.4 percent of the total population in 2027.

“Seoul will become a super-aged society by then,” said a city official.

At this rate, the number of senior citizens to be supported by 100 working-age people will increase from the current 30.5 to 55 in 2032.

It is also forecast that starting in 2016 the costs of supporting the elderly will surpass that of the younger generation.

Households of only one or two people will take up more than 60 percent of all households by 2034, and comprise the majority.

“The rise in households composed of one or two individuals will be due to the simultaneous rise in the population of those aged 65 and older,” the official said.