Tuesday, 02 January 2024 12:17 GMT

S. Korea records highest poverty rate among retirees in OECD


(MENAFN) South Korea has recorded the highest rate of relative poverty among its elderly population compared to other member nations of the Organization for Economic Cooperation and Development (OECD), according to recent data.

In 2023, the relative poverty rate for citizens aged 65 and older reached 39.8%, reflecting a slight increase of 0.1 percentage point from the previous year, as stated by reports. This figure represents the highest level among the 33 countries in the OECD.

Currently, the senior population in South Korea stands at 10.51 million, accounting for 20.3% of the nation’s total population. Projections indicate that this share could rise to 30% by 2036 and surpass 40% by 2050.

The average net assets of households headed by older adults in 2024 were 465.94 million won ($332,695), marking an increase of 10.54 million won from the prior year. Additionally, “some 57.6% among those aged 65-79 expressed a desire to continue working,” according to reports.

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