Increasing the portion of aging people in south Korea

Description

South Korea officially became an aging society in 2000 when people aged over 65 made up 7.2 percent of the population. According to the NSO(National Statistical Office), the number of people aged 65 or older increased to 3.77 million in 2002, compared with 2.2 million in 1990 and 1.46 million in 1980. It is forecast that South Korea is destined to become an aged society with the figure rising to 14.4 percent by 2019. The NSO warns that South Korea will enter an ``ultra-aged society’’ in 2026, forcing the country to treble the current costs for supporting the elderly. Although nearly all OECD member countries face rapidly aging populations, the problem for South Korea is expected to have the fastest pace due to the combination of a low fertility rate and increased longevity, according to an OECD economist