Korea: Rapid population aging to accelerate income inequity: BOK
The Korea Times (14.06.2023) Income inequality in Korea is likely to accelerate due to a rapidly aging population, according to a report released by the Bank of Korea (BOK) on Wednesday. The report revealed that income inequality among households has worsened by 30 percent over the past 25 years, largely as a result of the aging population. "The aging population is expected to have a significant negative impact on the Korean economy, not only by lowering labor productivity and increasing the burden of care, but also by widening economical inequality," the report noted.