1 / 11

The Graying of Korea: Economic and Social Challenges

The Graying of Korea: Economic and Social Challenges. Georgia Tech November 2, 2006 Florence Lowe-Lee Korea Economic Institute. Overview. Introduction: The Graying of Korea Reasons for the Rapid Transition of the Korean Population Challenges of an Aging Society

oceana
Download Presentation

The Graying of Korea: Economic and Social Challenges

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. The Graying of Korea: Economic and Social Challenges Georgia Tech November 2, 2006 Florence Lowe-Lee Korea Economic Institute

  2. Overview • Introduction: The Graying of Korea • Reasons for the Rapid Transition of the Korean Population • Challenges of an Aging Society • Policies for Coping with an Aging Population

  3. Graying of Korea • “Aging Society” in 2000, with 7 % of population over 65 years of age. • “Aged Society” by 2019, with 14% of population over 65 years of age. • “Super-aged Society” by 2026, with 20% of population over 65 years of age.

  4. Transition from Aging to Aged Society Source: OECD Economic Survey

  5. Population Projections for 2005-2050 Source: National Statistical Office

  6. Reasons for the Rapid Transition of the Korean Population • 1960’s: Demographic transition began with Korean government pursuing rapid GDP growth. • Early 1980’s: Government suspended medical insurance and maternal care for women with more than 3 children. • Late 1980’s, public and private agencies were promoting smaller families.

  7. Source: National Statistical Office

  8. Challenges of an Aging Population • Shortage of Workers • Slower Economic Growth • Under-funded and Over-extended Retirement Fund • Dependency Ratio Increase • Rise in Cost of Pension and Health Care

  9. Challenges of an Aging Population Korea OECD Average Source: OECD

  10. Policies for Coping with an Aging Population • National Pension and Insurance System • Aged Employment Protection Act • Encourage families to have more children • Encourage women to participate in the workforce • Increase retirement age

  11. Thank You! Florence Lowe-Lee Director of Finance and Publications Korea Economic Institute 1201 F Street, NW – Suite 910 Washington, DC 20004 fll@keia.org

More Related