The government has forecast the nation's working age population to significantly drop by 2030 due to a rapidly aging society.

The labor ministry on Thursday estimated that  the working age population aged 15 or older will grow by one-point-34 million between 2020 and 2030, far less compared to the three-point-96-million expansion from 2010 to 2020.

The working age population between the ages of 15 and 64 is expected to drop by three-point-two million from 2020 to 2030. Among those aged 15 to 64, the economically active are forecast to decline by one-point-25 million between 2020 and 2030.

Due to the combined effects of an aging society and low birth rate, those aged 15 to 29 are expected to make up 14-point-seven percent of the population, down from 23-point-eight percent in 2010 and 19-point-nine percent in 2020.

Those aged 50 or older are projected to take a 55-percent share in 2030, up from 35-point-one percent in 2010 and 45-point-eight percent in 2020.