Abstract
Rising life expectancy and persistently low birth rates are ushering South Korea into a rapidly ageing society. The elderly population (aged 65 and older) accounted for 13% of the total population in 2015, which will further increase to 20% in 2026 and to 38% in 2050. The working-age population, on the other hand, will shrink from 73% of the total population in 2015 to 53% in 2050, carrying important implications for the country’s long-term economic prospects. As the elderly population expands rapidly, income security in old age is a critical concern for the whole society. The chapter examines income sources for old age, highlighting changes in the role of public pensions, intergenerational family support, and earnings. Declining family support and inadequacy of public pensions indicate the challenges faced by the Korean government and individuals in preparing for retirement. The chapter also discusses employment trends among the older population, which is becoming an important pillar of income security in old age.
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