South Korea's elderly population rises to 8.537 million, expected to peak in 2028: Report

South Korea's economic engagement rate of older people is increasing as their life expectancy improves. According to Statistics Korea's '2021 Elderly Statistics' report, the number of people aged 65 and older in the country reached 8.537 million this year, which is around 16.5 per cent of the total population. The elderly population continues to grow as a result of low birth rates and ageing. The population of South Korea is expected to peak in 2028 before declining, according to the report.

The population of 65-year-olds had a life expectancy of 21.3 years in 2019, and the population of 75-year-olds and older had a life expectancy of 13.2 years, both up 0.5 years from the previous year. The average number of years left in life after reaching the reference age is referred to as life expectancy. It means that a 65-year-old can expect to live to be 86.3 years old, and a 75-year-old can expect to live to be 88.2 years old.

There were 4.73 million elderly heads of households in 2020

According to the data, there were 4.73 million elderly heads of households in 2020, with 35.1 per cent of them being one-person families. Meanwhile, the number of divorces among those aged 65 and up has been steadily increasing, as per The Korea Herald. According to the data, the number of divorces filed by men in this age bracket totalled 9,854 last year, while the number of divorces filed by women was 5,285. These percentages accounted for 11.1 per cent and 13.7 per cent of all divorces in the country, respectively.

The number of working senior individuals has risen in tandem with the growing elderly population. The employment rate for people aged 65 and up was 34.1 per cent last year, up 1.2 per cent from the year before. The elderly employment rate is still lower than the overall employment rate for people over the age of 15, but it has been rising since 2015.

Older people could make up 43.9 per cent of the country's population by 2050

According to the estimate, older people could make up 43.9 per cent of the country's population by 2050. As the expense of health and welfare services for elderly residents rises, the rapidly ageing population and record low birth rates may become a financial burden on the country.

(Inputs from ANI)

Image: AP