S. Korea Tops OECD List for Retired Senior Poverty Rates

2025-09-29 04:05:24

(MENAFN) South Korea has recorded the highest relative poverty rate for its retired population among all OECD member countries, according to new data released Monday.

The relative poverty rate for individuals aged 65 and older reached 39.8% in 2023, marking a slight increase of 0.1 percentage point from the previous year. The data, reported by a South Korean news outlet and sourced from Statistics Korea, places South Korea at the top of the list of 33 OECD nations for senior poverty rates.

The senior population in South Korea has surged to 10.51 million this year, making up 20.3% of the country’s total population. This figure is expected to rise dramatically, with projections indicating that seniors will account for 30% of the population by 2036 and over 40% by 2050.

While financial conditions remain challenging for many seniors, the average net assets of households headed by individuals aged 65 and older reached 465.94 million won ($332,695) in 2024, showing a 10.54 million won increase from the prior year.

In a sign of ongoing financial strain, a significant 57.6% of individuals aged 65-79 have expressed an interest in continuing to work.

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