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Video Description

Type: KIHASA Policy Featurette

Topic: 1-Minute Summary: How Unprepared Koreans Are for Life after Retirement

Guest Speaker: Hwang Nam-Hui, Deputy Director, Department of Population Policy Research, KIHASA

Transcript

By the end of 2024, Korea crossed the threshold into a super-aged society, with seniors over 65 or older accounting for over 20% of the population. As the country continues to age at the fastest rate in the world, the burden of supporting its elderly population is growing heavier by the day. Meanwhile, the shrinking working-age population is adding to the societal burden of care for the elderly.

Also, as you are well aware, Korea has a very high elderly poverty rate―the highest among OECD countries. Its public pension system was introduced relatively late, resulting in lower coverage compared to other countries. The average monthly pension payment is currently around KRW 600,000. In addition, Korea is facing ongoing demographic shifts, increasing future uncertainty and widening income polarization.

Furthermore, the number of elderly people living alone has been increasing, whether due to divorce, bereavement, or personal choice―a trend that is expected to continue. These one-person households are more vulnerable than multi-person households to risks such as financial difficulties, social isolation, and health problems.