According to data "2013 Senior Citizen Statistics" published by the Korea Statistical Office on September 30, the number of those in their age over 65 was 6,137,702, accounting for 12.2 percent of total population. The number has steadily grown from 990,000 in 1970 and 5 million in 2008. The percentage is expected to rise further, taking up as much as 37.4 percent of total population by 2050.

 

The ratio of senior citizens to working population was 16.7 percent, meaning that every six working-age people must support one elder person. By the year 2050, we will witness a situation where only 1.4 working-age people must support one person over 65 years of age. A Korea Statistical Office official said, "Right now, Korea's expenditure on senior citizens is not as high as those for other industrialized countries. But that will change by 2040 when our level will be second highest after Japan."

 

The ratio of labor market participation by older people in their age over 65 was 30.7 percent, although the percentage of those elders who want to work was 59.9 percent. Of the total senior citizen population, only 34.8 percent were receiving public pensions.