S.Korea's working-age population expected to drop from 2020: gov't data

SEOUL, March 28 (Xinhua) -- South Korea's working-age population was expected to drop from next year, indicating a so-called demographic cliff coming closer, statistical office data showed Thursday.

According to Statistics Office's estimate for the country's demographic change from 2017 to 2067, the working-age population, or those aged 15-64, began to fall after peaking at 37.57 million in 2017.

The workforce was forecast to decline by an annual average of 330,000 from 2020 when the country's baby boomers, born from 1955 to 1963, enter the stage of old age.

In 2030s, the annual average reduction of the working-age population was estimated at 520,000.

The rapid fall estimate bolstered worry about the demographic cliff, which refers to a sudden drop in the heads of household eventually leading to a consumption cliff.

The ratio of the working-age population to the total population was estimated to tumble from 73.2 percent in 2017 to 49.9 percent in 2056 before sliding further to 45.4 percent in 2067.

Meanwhile, South Korea was forecast to become a super-aged society in 2025 when those aged 65 or older reach 10.51 million, or 20.3 percent of the total population.

The country became an aged society in 2018 as the aged population topped 14 percent of the total, 18 years after becoming an aging society with the aged people surpassing 7 percent.

The fast-growing number of elders would increase financial burden on the working-age population to support the aged people and those aged 15 or under.

Every 100 working-age people were required to support 36.7 people as of 2017, but it was estimated to exceed 70 in 2038 before topping 100 in 2056.

Amid the low birth rate, the aged population topped children, or those aged 15 or lower. The number of the aged people was 105.1 people per every 100 children in 2017. It was forecast to surge to 206 in 2026 and 502.2 in 2056, respectively.

To tackle the low childbirth and the aging population, the government planned to draw up comprehensive measures by the end of June.

The Ministry of Economy and Finance said in a statement that the government recognized the serious demographic challenge again, vowing to more actively and rapidly deal with the demographic change in a pan-government way.