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 [...]
SEOUL, Sept. 12 (Korea Bizwire) – A recent study by the Korea Labor Institute (KLI) revealed that Korea suffers among the highest levels of income inequality for its senior citizens (amongst OECD member nations), with four in 10 elderly laborers struggling with below-minimum-income wages. In the KLI report “Changes in Employment of the Elderly and [...]
SEJONG, Sept. 6 (Korea Bizwire) – With Korea’s low fertility rate of 1.24 (2015) and more of its working population retiring, an aging society is now at hand. The trend was reflected in a recent report by the National Tax Service and the Korea Institute of Public Finance, which noted the dramatic increase in the [...]
SEOUL, Sept. 1 (Korea Bizwire) – The expected decline in the working age population in South Korea beginning next year will hit the steel and its related markets, as seen in the case of Japan, a research report said Thursday. The report from the POSCO Research Institute projected that the construction market, which accounts for [...]
SEOUL, Aug. 17 (Korea Bizwire) – Korean society is rapidly aging, resulting in a surging number of elderly drivers. By 2020, Korea will be home to 4 million drivers aged 65 and older, which is about 10 percent of its population. To better prepare for the coming demographic shift and its implications for road safety, [...]