S. Korean Experts Call For Gradually Raising Age Threshold For Seniors To 70 By 2035

(MENAFN- IANS) Seoul, May 9 (IANS) A group of experts in South Korea on Friday proposed gradually raising to 70 from the current 65 the age threshold for senior citizens, a move aimed at focusing resources to support those who need the most in a country that has already become a "super-aged" society.

The experts also advised the government to consider extending the retirement age after raising the age limit for senior citizens to 70 by 2035, Yonhap news agency reported.

"The age of 65 as the definition of a senior citizen has remained unchanged for 44 years since 1981, despite significant societal shifts," the experts said in a joint statement.

"South Korea is expected to face accelerating demographic challenges, including low birth rates and rapid aging," they added.

"To prevent income disruption, opportunities for older adults to participate in the labour market should be expanded based on their capabilities and needs."

The number of people aged 65 years or older had reached over 10.24 million, or 20 per cent of the country's total population of 51.22 million, as of late 2024, making South Korea a rare "super-aged" society, government data showed earlier.

The UN classifies countries where more than 7 per cent of the population aged 65 or older as an ageing society, those with over 14 per cent as an aged society, and those with more than 20 per cent as a super-aged society.

The steady rise in the number of senior citizens, coupled with a sharp decline in the country's birth rate over the years to one of the world's lowest, has placed an increasing financial burden on the country.

In March, the National Assembly approved a government-proposed reform of the country's national pension system to require young and new subscribers to pay more but receive less, possibly pushing back the depletion date for the pension program by up to nine years from the earlier expected 2055.

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