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 [...]
SEOUL, Mar. 25 (Korea Bizwire) — South Koreans’ perception of “well-being” improved slightly last year, but things were different for those in their 50s and 60s. Those excluded from the labor market and the community were more depressed than other age groups, and their satisfaction with life itself and income levels was also lower. As [...]
SEOUL, Feb. 28 (Korea Bizwire) — According to Prof. Kim Kyong-nam of Seoul National University (SNU) Hospital on Wednesday, there is a gap of 10 or more years when comparing average life expectancy in North and South Korea. North Korean men live an average of 66.2 years, compared to 72.9 years for women. This is [...]
SEOUL, Nov. 1 (Korea Bizwire) — The aging of the workforce will put pressure on South Korea’s economic and fiscal strength and affect its long-term sovereign credit profiles, a global ratings agency has said. In its latest report, released Wednesday, Moody’s Investors Service said the credit ratings of South Korea and Japan will come under [...]
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 [...]
DAEJEON, Jan. 24 (Korea Bizwire) – An increasing number of technology patents that might help guarantee health and safety improvements for single-person elderly households are being introduced. According to the Korea Intellectual Property Office, the average annual number of such patents in the past five years (2012 – 2016) was 153, more than twice the [...]
SEJONG, Dec. 8 (Korea Bizwire) – South Korea’s population is expected to start contracting in 2032 amid widespread concerns that the country’s chronic low birthrate and aging citizens will undermine growth potential, a government report showed Wednesday. According to the report by Statistics Korea, Asia’s fourth-largest economy will likely see its population peak at 52.96 [...]