Recent data reveals a notable decline in South Korea’s elderly poverty rate, reaching 35.9% in 2024 for individuals aged 65 and older. This marks the lowest level in three years, down 2.3 percentage points from 38.2% the previous year.
Key Statistics on Senior Poverty
Statistics Korea’s latest analysis shows that among every 10 seniors, approximately 3.5 now live below the relative poverty line. This improvement follows a period of stagnation, where rates hovered around 38% for two consecutive years.
The drop reflects broader economic shifts, with salaried seniors experiencing a poverty rate of 35.9%, compared to 54.9% for self-employed individuals. Nearly one in two self-employed seniors faces poverty, highlighting persistent challenges in irregular income sectors.
Historical Trends and Recovery
The elderly poverty rate first entered the 30% range in 2020 at 39.1%, dipped to 37.6% in 2021, then climbed back to 38.1% in 2022 and 38.2% in 2023. The 2024 figure signals a full recovery within three years, reversing recent upward trends.
This two-year consecutive rise had raised concerns, but the latest numbers indicate positive momentum amid improving wage structures and support measures.
Employment Breakdown Widens Gap
Self-employed seniors, often lacking stable pensions, dominate the poverty statistics. Their rate stands at 54.9%, creating a 19 percentage point gap with salaried workers—up from 17.3 points in 2023.
Experts attribute this disparity to limited public pensions and reliance on private savings or family support, urging targeted interventions for vulnerable groups.
International Context and Challenges
Despite the decline, South Korea’s elderly poverty rate remains roughly twice the OECD average, underscoring the need for sustained policy efforts. Factors like low youth employment and demographic pressures exacerbate the issue.
Analysts emphasize that while progress is evident, comprehensive reforms in pension systems and income security are essential to prevent future reversals and ensure long-term stability for aging populations.
