South Korea is grappling with a significant demographic challenge as official data reveals that one in five people in the country is aged 65 or older. With a population of 51 million, the number of individuals aged 65 and above stands at 10.24 million, accounting for 20% of the total population.
The United Nations categorizes countries with more than 20% of their population aged 65 or older as a 'super-aged' society, a classification that South Korea now falls under. This demographic shift is a result of the country's persistently low birth rates, which dropped to a record low of 0.72 in 2023, the lowest in the world.
To maintain a stable population, countries typically require a fertility rate of 2.1 in the absence of immigration. However, South Korea's declining birth rates have posed a significant challenge in this regard.
Recent data from the Ministry of the Interior and Safety highlights that approximately 22% of women in South Korea are aged 65 or older, while nearly 18% of men fall into the same age group. This demographic trend underscores the pressing issue of an aging population in the country.
South Korea, along with other East Asian nations, is facing a demographic time bomb as their societies age rapidly following years of industrialization. Unlike some European countries that benefit from immigration to offset aging populations, South Korea, Japan, and China have been hesitant to adopt similar strategies.
Efforts to reverse the demographic trend in South Korea have included various initiatives such as extending paid paternity leave, providing financial incentives to new parents, and promoting gender equality in caregiving responsibilities. Despite significant investments, estimated at over $200 billion, these measures have not yielded the desired results.
Experts attribute the demographic shift in Asia to factors such as demanding work cultures, stagnant wages, rising living costs, evolving attitudes toward marriage and gender roles, and a growing sense of disillusionment among younger generations. President Yoon Suk Yeol has called for urgent action, labeling the situation a 'national emergency' and seeking parliamentary support to address the crisis.
