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 [...]
SEOUL, Nov. 21 (Korea Bizwire) – The number of South Korean recipients of the state pension who are 100 years old or older has risen every year recently, data showed Monday. According to the data by the National Pension Service (NPS), the number of centenarians receiving the state pension came to 54 across the country [...]
SEOUL, Nov. 18 (Korea Bizwire) – On Wednesday, the South Korean parliament passed a revised bill for the Welfare of the Aged Act, which includes a ban on emotional abuse of the elderly, a decision that is seen as an enforcement of filial piety, given the increasing prevalence of violence against the elderly in Korea, [...]
SEOUL, Nov. 9 (Korea Bizwire) – Amid stagnant growth of local household consumption, a recent study indicated that the elderly will play an essential role in leading Korea’s future consumption. According to the report – Consumption Status of the Elderly and its Implications – compiled by the Bank of Korea’s research bureau, the contribution rate [...]
SEJONG, Sept. 29 (Korea Bizwire) – The ratio of senior citizens aged 65 and over in South Korea rose to an all-time high in 2015, underscoring the trend that the country’s population is aging at a fast pace, government data showed Thursday. According to the data by Statistics Korea, 6.57 million, or 13.2 percent of [...]
SEOUL, Sept. 27 (Korea Bizwire) – South Korea’s pension subscription rate is too low to be able to handle the growing elderly population, and tax benefits may be one way of inducing people to sign on to private pensions for post-retirement life, a local research institute said Tuesday. According to the Hana Institute of Finance, [...]
SEOUL, Sept. 20 (Korea Bizwire) – The number of elderly travelers vacationing overseas is steadily increasing as the Korean population starts to age. According to Hana Tour, among the country’s leading travel agencies, the number of overseas travelers in their 60s during the first half of 2016 was 175,000, a 71.5 percent increase from 110,000 [...]