The consequence of this is a culture which is much more produced right up of dated anybody. Because of the 2030, almost you to-3rd of the many Southern area Koreans could be years 65 otherwise earlier, according to a research published just last year of the economist Lee Jong-wha regarding Korea University.

As the elderly is actually shorter willing otherwise able to performs, a high proportion ones will eventually lead to a labour shortage, said Kang Sung-jin, a keen economist and you can manager off Korea University’s Institute away from Sustainable Advancement.

“A turning down supply of work impacts the economic rate of growth,” the guy told you. “And you can a lot of more mature mode the us government will receive to pay more on passion will set you back, and therefore young years pays much more taxes.”

Which demographic date bomb is already common so you can so-called awesome-old societies such as for instance The japanese, Germany and you may Italy, in which one or more-5th of the populace is more than 65, however for of many younger South Koreans it appears as though a faraway care and attention versus significantly more instantaneous problems within lifetime. Read More…