TIME (19.02.2024) Some 24.5% of South Koreans aged 70 and above were still working as of January, local media reported Monday, as officials increasingly look to keep more elderly in the workforce to address a demographic crisis. Elderly employment figures have seen a steady increase since the country’s statistics authority started to collect the data in 2005. South Korea is projected to become the world’s most aged by 2044 and the number of people in their 70s exceeded those in their 20s for the first time ever last year.
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.
koreatimes.co.kr (08.01.2023) The government will take drastic measures to tackle Korea's demographic crisis of its falling birthrate and rapidly aging society, said Na Kyung-won, head of the presidential committee on Aging Society and Population Policy, who floated the idea of writing off loans for married couples who give birth to children.
ilo.org (29.11.2021) COVID-19 pandemic that caused massive unemployment has forced countries to review their employment policy and protection system. This paper summarized efforts taken by Republic of Korea in reforming their employment protection system during the pandemic.
Voice of America (09.03.2021) Gyeonggi Province has sent cash to all its residents during the coronavirus pandemic — on top of the stimulus payments the central government has given South Koreans.
Naver (09.12.2020) South Korea will extend its state employment insurance program to artists starting Thursday as the first step toward expanding coverage to all workers by 2025. The Ministry of Employment and Labor said Wednesday that artists under work contracts who earn monthly income of at least 500,000 won ($460) will be eligible for coverage under the amended Employment Insurance Act.
koreaherald.com (11.04.2020) Foreign subscribers of South Korea’s national health insurance are eligible for premium assistance in a COVID-19 bailout, the state health care service said Saturday. From July 16, 2019, foreign residents staying over six months are required to enroll in the national health insurance plan. Previously, the subscription was optional for those staying longer than three months. As of last year, the number of foreign subscribers to the national health insurance plan reached 1,212,475.
koreaherald.com (11.03.2020) The National Health Insurance Service said the lower 20 percent of the income bracket will receive about 30 to 50 percent reduction in premiums from March through May. For the worst-affected Daegu and North Gyeongsang Province’s Gyeongsan, Cheongdo and Bonghwa, the bottom half of income earners will be given the partial premium waivers. The lowered payments are a part of Korea’s disaster relief subsidy plan announced March 30 to cushion financial blow from the outbreak for the financially vulnerable.
