SEOUL, May 19 (Korea Bizwire) — Facing changing demographics and a slowdown in core businesses like duty-free retail, South Korea’s leading hotel chains are pivoting toward the senior living sector, identifying it as a promising new growth engine in an aging society. According to industry sources, hotel companies such as Lotte Hotel & Resort, Hotel Shilla, [...]
SEOUL, July 13 (Korea Bizwire) – South Korea is on the cusp of becoming a “super-aged society” as its population of residents 65 and older surpasses 10 million, a demographic milestone that will see one in five citizens classified as elderly. According to data from the Ministry of the Interior and Safety, as of July 10, [...]
SEOUL, Jul. 11 (Korea Bizwire) – The population aged 65 or older has surpassed 10 million, accounting for 19.5 percent of the total officially registered population, the interior ministry said Thursday. The population of those aged 65 or over reached 10,000,062 as of Wednesday, out of a total population of nearly 51.27 million, according to [...]
SEOUL, Jan. 10 (Korea Bizwire) – South Korea’s elderly population aged 70 and older outnumbered those in their 20s for the first time last year, government statistics showed Wednesday, as the society is rapidly aging amid record low birth rates. According to the resident registration data compiled by the interior ministry, the number of people [...]
SEOUL, Dec. 4 (Korea Bizwire) – As “godoksa,” or solitary death, becomes a pressing social concern, a recent survey unveils that the average South Korean believes there is a 32 percent chance of facing such a fate. Godoksa refers to an isolated demise, where an individual passes away alone, disconnected from family, relatives, and others, with [...]
SEOUL, Sept. 30 (Korea Bizwire) – As more and more people in their 60s and older in Korea are dealing with depression, there’s a growing need to pay attention to mental health among the elderly, especially as the country is moving towards having a significant elderly population. In 2021, statistics from the Health Insurance Review and [...]
SEOUL, Nov. 16 (Korea Bizwire) — Experts are increasingly concerned over the issue of senior poverty caused by a lack of pension programs and other senior welfare policies as South Korea is becoming an aging society at twice the speed of Japan. The Korea Economic Research Institute (KERI) conducted a survey of 500 senior respondents [...]
SEJONG, Aug. 28 (Korea Bizwire) — South Korea’s total population inched up last year, but elderly people continued to outnumber children due to a rapid aging trend and a record low birth rate, the national census showed Friday. A total of 51.78 million people lived in South Korea as of Nov. 1, 2019, up 0.3 [...]
SEOUL, Nov. 19 (Korea Bizwire) — With a historically low birth rate and rapidly aging society, a surge in single-person households has meant that household grocery expenditures have been slashed almost by half in South Korea. According to a recent report from the Hana Institute of Finance affiliated with KEB Hana Bank that analyzed public [...]
SEOUL, Jun. 26 (Korea Bizwire) — With some two years left before his retirement, Park Young-joon (an alias) is preparing for the next chapter of his life, harboring hopes that he could get a chance to work after he turns 60. The 58-year-old Park, who works at a state-run bank, earned a doctorate in economics [...]