SEOUL, Aug. 24 (Korea Bizwire) – An increasing number of South Korean seniors are opting to begin receiving national pension payments earlier than the legal standard, with the cumulative count expected to surpass 1 million individuals. According to a report from the National Pension Research Institute, the count of senior citizens opting for early pension [...]
SEOUL, Aug. 4 (Korea Bizwire) — One in 5 South Korean seniors over 65 years of age lives alone, with each of them earning less than seniors in households where two or more seniors live together, data showed Thursday. According to data from Statistics Korea, there were 1.97 million single-person households among the senior population [...]
SEOUL, Aug. 2 (Korea Bizwire) — The number of elderly citizens seeking refuge from the stifling summer heat in subway stations or on subway trains due to financial difficulties is on the rise. According to Seoul Metro, the city-run operator of the subway system in Seoul, 14.68 million elderly citizens over 65 used subway lines [...]
SEOUL, July 11 (Korea Bizwire) — South Korean firms prefer to reemploy seniors instead of simply letting them retire, a major business association said Monday. The Korea Enterprises Federation conducted a survey of 1,047 companies employing over 30 individuals, of which 67.9 percent expressed a preference for reemploying retiring personnel. In contrast, 25 percent chose [...]
SEOUL, June 27 (Korea Bizwire) — The relative poverty rate among retired seniors in South Korea is the highest among all Organization for Economic Cooperation and Development (OECD) member states, data showed Monday. According to data released by Statistics Korea, the relative poverty rate for South Korean seniors aged over 66 was 43.2 percent in [...]
SEOUL, June 16 (Korea Bizwire) – The expanding proportion of seniors since the mid-1990s has exacerbated income inequality among households nationwide, the central bank said Thursday. South Korea’s Gini coefficient for market income gradually increased for older age groups until individuals reached their 50s, but it experienced a significant spike among individuals in their 60s [...]
SEOUL, June 16 (Korea Bizwire) — South Koreans aged 65 and above are set to make up 46.4 percent of the total population in 2070, data showed Friday, a projection that shows rapid population aging amid the country’s critically low birthrate. The figure marks a sharp rise from the 18.4 percent estimated for this year, [...]
SEOUL, June 14 (Korea Bizwire) — Seoul Metro, the operator of the subway service in Seoul, announced that it will launch a three-month pilot project starting this month to use voice guidance announcements when senior cards are tagged at ticket gates. The initiative aims to prevent the unauthorized use of senior cards for free subway [...]
SEOUL, June 12 (Korea Bizwire) — South Korean seniors over 50 years of age, once considered outcasts in the popular music market, are emerging as significant consumers for K-pop. Subscribers to streaming platforms between the ages of 50 and 59 listened to 1.91 billion minutes of music last year, according to a report by the [...]
SEOUL, May 10 (Korea Bizwire) — Older South Koreans are up in arms over a photo of a local cafe’s “no-senior zone” notice shared on social media. The cafe owner’s intention to welcome guide dogs but prohibit access to seniors added to the controversy. The person responsible for sharing the photo of the cafe said [...]