This file photo shows senior citizens at a job fair in Seoul on Dec. 15, 2022. (Yonhap)
SEOUL, June 27 (Korea Bizwire) — The relative poverty rate among retired seniors in South Korea is the highest among all Organization for Economic Cooperation and Development (OECD) member states, data showed Monday.
According to data released by Statistics Korea, the relative poverty rate for South Korean seniors aged over 66 was 43.2 percent in 2019, surpassing the 40-percent threshold and making South Korea the sole OECD member country to do so.
The relative poverty rate is defined as the percentage of the population earning less than 50 percent of the median income.
In 2021, 65 percent of seniors aged 65 and above had to work in order to cover their living expenses, representing an increase of 13.4 percentage points compared to a decade ago.
Additionally, 17.2 percent received subsidies from the government or other organizations, marking an increase of 8.1 percentage points. In contrast, 17.8 percent received financial assistance from offspring or relatives, indicating a decline of 21.4 percent.
A higher percentage of younger seniors (aged 65 to 74) – 78.7 percent – needed to work to cover their living expenses, in comparison to older seniors (over 75), who had a rate of 46 percent.
Regarding financial support, a larger proportion of older seniors received assistance from family members and offspring (29.4 percent) as well as the government and other organizations (24.6 percent).
As of 2021, 66.8 percent of younger seniors and 42.7 percent of older seniors were either in the process of preparing for retirement or had already made preparations.
M. H. Lee (mhlee@koreabizwire.com)
