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S. Korean Senior Citizens' Poverty Rate Highest among OECD Members

Written: 2023-06-04 14:07:44Updated: 2023-06-04 16:04:28

S. Korean Senior Citizens' Poverty Rate Highest among OECD Members

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A report shows that South Korean senior citizens' poverty rate was the highest among members of the Organization for Economic Cooperation and Development (OECD).

According to the Korea Employment Information Service on Sunday, Bank of Korea official Oh Tae-hee and Lee Jang-youn, a professor at Incheon National University, released a report to that effect the previous day in an academic forum.

The relative poverty rate of Koreans aged 65 and older stood at 40-point-four percent in 2020, the highest rate among OECD members.

The employment rate of Koreans in this age group was 34-point-nine percent in 2021, also the highest among OECD member nations, implying that many seniors are forced to work to make a living.

According to the report, the average monthly income for Korean workers aged 68 was one-point-eight million won last year, 42 percent lower than three-point-11 million won for workers aged 58.

The authors warned that the poverty issue among senior citizens could worsen, as the rate of people aged 65 and older is expected to rise to 46-point-four percent in 2070 from last year's 17-point-five percent.

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