South Korea logs highest retired population poverty rate among OECD countries

ANKARA

South Korea has logged the highest relative poverty rate among its retired population among member countries of the Organization for Economic Cooperation and Development (OECD), data showed Monday.

The relative poverty rate stood at 39.8% for those aged 65 and older in 2023, up 0.1 percentage point from the previous year, Seoul-based Yonhap News reported, citing Statistics Korea.

It marked the highest level among the 33 OECD member countries.

South Korea's senior population reached 10.51 million this year, making up 20.3% of the country's total population.

The proportion is projected to jump to 30% by 2036 and exceed 40% by 2050.

The average net assets of senior households in 2024 stood at 465.94 million won ($332,695), up 10.54 million won from the previous year.

Some 57.6% among those aged 65-79 expressed a desire to continue working.

*Writing by Aamir Latif