South Korea’s Population Challenge: Becoming a Super-Aged Society

South Korea has officially transitioned into a "super-aged society," where over 20% of its population is aged 65 or older. According to the country’s interior ministry, this demographic shift underscores the rapid aging and shrinking of South Korea's population, driven by one of the world’s lowest birth rates.

In 2023, South Korea recorded a fertility rate of just 0.7 births per woman, significantly below the replacement level of 2.1 required to maintain population stability. This has resulted in a doubling of the elderly population over the past 15 years, now numbering over 10 million out of the 51.2 million registered population. With projections indicating a potential drop to 39 million people by 2067 and a median age of 62, South Korea faces profound socio-economic challenges.

The government has made significant efforts to reverse these trends, investing billions in incentives such as subsidies for childcare, housing, and even egg freezing. However, these initiatives have yet to yield the desired outcomes. Experts identify high living costs, competitive societal structures, and the double burden on working mothers as primary barriers to increasing birth rates. Women often face significant career challenges while juggling household responsibilities, discouraging many from having children.

Additionally, the pressures of securing well-paid jobs, combined with soaring property prices, deter younger generations from marriage and parenthood. As South Korea joins countries like Japan and Germany as a super-aged society, innovative and sustainable policies are urgently needed to address the intertwined issues of low birth rates and an aging population.

Refrence From: www.ndtv.com