Carlos Prego
WriterI have more than 12 years of experience in media that have passed by too quickly. I've been writing for Xataka since 2018 and I'm mainly in charge of content for the site’s Magnet vertical. I’m especially interested in technology, science, and history.
In South Korea, December marked more than just the end of 2024 and the transition to 2025. It also heralded a significant social change. After decades of experiencing a negative birth rate, the country officially declared itself a “super-aged” society. In other words, 20% of the population is now 65 or older, which translates to around 10.2 million people out of a total population of 51.22 million.
These statistics raise an important question in Seoul: What constitutes an elderly person? At what age does one attain this status? Should this definition be reconsidered?
“How old is ‘elderly?’” The question may seem trivial or inconsequential, but it was the headline of an extensive report published just a year ago by The Korea Times, one of the largest English-language newspapers in South Korea.
What does it mean to be “old?” In a country facing a significant birth rate issue, with a rapidly aging population, increasing life expectancy, and two out of 10 individuals over the age of 65, should South Korea redefine the parameters? Is it time for Seoul to reconsider what it truly means to be an “elderly person?”
What does the data reveal? The “super-aged society” label conceals a more complex and challenging reality. Currently, around 20% of the country’s population is aged 65 or older. Moreover, projections indicate that this percentage will continue to rise, potentially exceeding 40% by 2050.
The increasing proportion of individuals ages 60 and above in South Korea can be attributed to several factors, primarily two. The first is the country’s long-standing demographic crisis. Although there are encouraging signs, with the first uptick in births in nine years in 2024, the birth rate has been steadily declining for decades.
The second factor contributing to this demographic shift is the rise in life expectancy. Statista charts indicate that babies born in South Korea today can expect to live, on average, between 81 and 87 years, depending on their gender. In 1980, neither boys nor girls reached 70 years of life expectancy. Projections suggest that by 2100, life expectancy will exceed 90 years for both genders. While these figures are averages and forward-looking estimates, they illustrate interesting trends.
Why is this a problem? These statistics highlight more than mere demographic trends. An aging population, characterized by an increasing number of elderly retirees and a shrinking workforce, presents numerous challenges. This demographic imbalance directly impacts the country’s pension system for individuals over 65, sparking a debate that extends beyond maintaining its financial sustainability.
“There are younger individuals earning less than the elderly receiving basic pensions. Imposing taxes on them to fund the pensions for seniors inevitably raises issues of fairness,” expert Kim Woo-chang told The Korea Times. “The system should be gradually reformed to limit payments to senior citizens living below the poverty line,” he added.
What risks does South Korea face? Booyoung Group chairman Lee Joong-keun addressed this issue clearly in October during an event at the Korea Chamber of Commerce and Industry in Seoul. He said, “The number of elderly citizens is about 10 million now. But it will increase to 20 million by 2050. Excluding the 10 million minors, the remaining 2 million (working-age) people will have to support the elderly.”
Lee’s statements are interesting not only for their content but also for who’s presenting them. At 83, Lee spoke as the new president of the Korea Senior Citizens Association, which has proposed raising the age for accessing social benefits for the elderly from 65 to 75.
“To maintain the number of senior citizens at around 12 million, I would propose to the government the idea of raising the (legal elderly) age by one every year over the next 10 years,” he suggested.
Is this a new idea? The Korea Senior Citizens Association isn’t the only one discussing this topic. Looking at both South Korean and international press reveals several interconnected debates in the country. Is it time to redefine what age is considered “old” in a “super-aged” society? Is the benchmark age of 65, established in the 1981 welfare law and used for benefits like free subway rides, outdated?
If so, what should the new age threshold be? Should it be 70, as some have suggested, or would 75 be more appropriate? Is this the first step toward extending the retirement age, currently set at 60? Does the pension system need reform? Should the rest of the country follow the example of some South Korean governmental organizations that have already begun gradually raising the retirement age from 60 to 65?
Are these just proposals? No. The Korea Times reports that the Ministry of Health and Welfare plans to launch a debate this year on revising the age threshold for seniors over 65. Meanwhile, some experts are already calculating the potential savings from raising the pension eligibility age to 70. Unions have even called on the government to delay the retirement age and have threatened strikes over the issue, which has also been raised during wage negotiations.
Why is this happening? Several reasons contribute to this situation. It’s not just due to increased government expenditures or the fact that polls show many people find the idea of redefining “old age” as reasonable. The current system for supporting the elderly in South Korea is far from ideal. The proof lies in the country’s high poverty rate among older adults, which is one of the highest among major economies, according to Forbes and the state-run think tank Korea Development Institute (KDI).
The KDI says the poverty rate stands at 34.8% when net income is considered. This is significantly higher than the U.S.’s 10.8%, Germany’s 11.8%, and the United Kingdom’s 9.8%. When assessing net disposable income, South Korea has the highest poverty rate in the OECD.
Is there more data available? Yes. The South Korean newspaper The Chosun Daily highlights a key issue affecting the economic situation of the elderly in the country. Although the retirement age is set at 60, those who retire at that age must wait at least three years to begin receiving their pension. For those born between 1961 and 1964, pension payouts typically start at age 63, while workers born after 1969 face a retirement age of 65.
Additionally, the average monthly pension payout for individuals ages 65 and older was roughly $490 in 2022. As a result, a significant percentage of South Korean seniors continue to work. In 2024, the employment rate for those ages 70 and over was estimated to be 24.5%. Meanwhile, in 2022, the labor force participation rate for those ages 65 and older reached 37.3%, the highest among OECD countries.
Image | Daniel Bernard | Simon Im | Statista
Related | Japan’s Aging Population Hits Rock Bottom: More Older Adults Are Choosing to Live in Prison
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