SEOUL, July 11 (Korea Bizwire) — The inclination against having babies and raising a family, particularly stronger among South Koreans, has turned out to be a trend that apparently not even money can solve. South Korea’s total fertility rate hit a record low of 0.92 in 2019, way below the 1.63 average of members of [...]
SEOUL, Sept. 17 (Korea Bizwire) — Food manufacturers are jumping into the care food business for seniors as customized meal products for seniors are expected to grow in demand alongside an aging population. Pulmuone Foodmerce, the distribution arm of South Korean food producer Pulmuone Co, signed a memorandum of understanding with Aria Care Korea, an [...]
SEOUL, April 17 (Korea Bizwire) — 1 in 3 residents of rural regions are more than 70 years old, showing signs of an accelerating aging population, a recent study showed. Statistics Koreas announced Thursday that there are 1.36 million senior residents over 60 years of age living in rural areas, comprising 60.6 percent of the [...]
SEOUL, Sept. 18 (Korea Bizwire) — South Korea on Wednesday floated the idea of dictating that companies continue to employ workers beyond the current retirement age of 60, a move that could have far-reaching implications on Asia’s fourth-largest economy. The move came amid growing need for older people to stay in the labor market longer [...]
SEOUL, Sept. 9 (Korea Bizwire) — South Korea’s growth potential is expected to fall at a faster rate than earlier anticipated largely due to the aging of the population that will also lead to a cut in the number of eligible workers, a central bank report said Monday. The country’s growth potential for the 2016-2020 [...]
SEJONG, Sept. 2 (Korea Bizwire) — The proportion of people in South Korea aged 65 years or older could increase sharply amid a rapidly aging population, the country’s statistics agency said Monday. Statistics Korea forecast that the country’s population is likely to reach 39 million in 2067, sharply down from 51.7 million in 2019. It [...]
SANGJU, Feb. 22 (Korea Bizwire) – Government employees in Sangju, North Gyeongsang Province, came to work in black ties after receiving the news that the city’s population had shrunk to less than 100,000 people. On February 8, the population of Sangju dipped below 100,000 people for the first time in recent history. Following the news, city government [...]
SEOUL, Oct. 5 (Korea Bizwire) — Due to the increase in the aging population and decrease of a productive workforce, local insurance companies are expected to go through “degrowth.” According to the Korea Insurance Research Institute (KIRI), the insurance premiums of insurance companies are expected to fall 1.7 percent per year by 2022 compared to [...]
SEOUL, Aug. 31 (Korea Bizwire) — A new study has found that the growth rate of South Korea’s gross domestic product (GDP) is expected to turn negative by the 2030s. According to a report released by the Korea Labor Institute yesterday at the 8th National Statistics Development Forum, negative growth is expected due to an [...]
SEJONG, Aug. 13 (Korea Bizwire) — About 40 percent of South Korean municipalities may be abolished in the future because of declining birthrates and an aging population, a survey by a state-run research institute showed Monday. Lee Sang-ho, a researcher at the Employment Information Service, released the study, conducted in June, which measured the sustainability [...]