Should South Korea Raise the Age Threshold for Seniors to 70 by 2035?
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Synopsis
In a significant move, South Korean experts are advocating for an increase in the senior citizen age threshold from 65 to 70 by 2035. This proposal aims to better allocate resources to those in need in a country grappling with demographic challenges. What implications might this have for society and the economy?
Key Takeaways
- Proposal to raise senior age threshold from 65 to 70 by 2035.
- Focus resources on those in need in a super-aged society.
- Consideration of retirement age extension.
- Over 10.24 million seniors in South Korea as of late 2024.
- Financial implications of demographic changes.
Seoul, May 9 (NationPress) A panel of experts in South Korea has suggested a gradual increase of the age threshold for senior citizens from 65 to 70 by 2035. This initiative aims to concentrate resources on assisting those in greatest need within a nation that has already been classified as a super-aged society.
The specialists also recommended that the government evaluate the possibility of raising the retirement age following this adjustment to the senior citizen age limit, according to reports from Yonhap news agency.
"The definition of a senior citizen at 65 has remained unchanged for 44 years since 1981, despite notable societal changes," the experts stated in a collective declaration.
"South Korea is projected to face intensifying demographic challenges, such as declining birth rates and rapid aging," they continued.
"To avert financial instability, it is essential to enhance opportunities for older adults to engage in the workforce, tailored to their abilities and requirements."
As of late 2024, the population aged 65 and older exceeded 10.24 million, representing 20 percent of South Korea's total population of 51.22 million, confirming its status as a super-aged society, as indicated by government statistics.
The United Nations categorizes nations where more than 7 percent of the population is aged 65 or older as an aging society, those with over 14 percent as an aged society, and those with more than 20 percent as a super-aged society.
The persistent increase in senior citizens, combined with a significant reduction in the birth rate—now among the lowest globally—has imposed a growing financial strain on the nation.
In March, the National Assembly ratified a government-endorsed reform of the national pension system, requiring young and new subscribers to contribute more while receiving less, potentially extending the pension program's depletion date by up to nine years from the previously anticipated 2055.
Point of View
This proposal reflects the pressing need for South Korea to adapt its policies to meet the realities of a rapidly aging population. The adjustment to the senior citizen age threshold is not just a bureaucratic change; it is a necessary response to the evolving demographic landscape, ensuring resources are directed where they are most needed while addressing economic sustainability.
NationPress
21/05/2025
Frequently Asked Questions
What is the proposed age change for senior citizens in South Korea?
Experts propose gradually raising the senior citizen age threshold from 65 to 70 by 2035 to better allocate resources.
What challenges is South Korea facing regarding its aging population?
South Korea is experiencing declining birth rates and a rapidly aging population, leading to increased financial strain.
How does the United Nations classify aging societies?
The UN classifies societies based on the percentage of their population aged 65 or older: 7% as aging, 14% as aged, and over 20% as super-aged.
