Fewer children could cut the number of young Koreans working by more than half in 30 years

2022-05-12 0 By

The number of young people working in South Korea will more than half by 2050 compared to 2021 due to an aging population and a declining fertility rate, the National Assembly Budget Office forecast in a report released on Monday.The number of people aged 15 to 29 working in South Korea was 3.87 million in 2021, and is expected to drop to about 1.64 million by 2050, Yonhap news agency reported, citing the report.By contrast, the number of people 65 and older in employment is expected to nearly double to 5.86 million from 2.99 million in 2021.The decline in employment could slow over the next 30 years if more older people enter the labor market, the report said.At the same time, the government should focus on improving the productivity of the elderly to cope with the economic impact of an aging population.The Yonhap news agency previously reported that South Korean society is currently characterized by low fertility and aging.Many young South Koreans are avoiding or even giving up marriage or childbearing for economic and other reasons, contributing to the country’s declining fertility rate.In 2020, For the first time on record, South Korea’s population experienced a natural decline, defined as fewer births than deaths.In 2017, the proportion of people aged 65 and above in the total population exceeded 14%, making South Korea an aging society.According to the Yonhap News Agency, South Korea is expected to enter a “super-aged society” in 2025, when the population aged 65 and above is expected to account for 20% of the total population;By 2050, that proportion will rise to 43.9 per cent.(End) (Wang Xinfang) Keywords: National Assembly Budget Office