South Korea faces high elderly poverty and rising centenarian population

South Korea is facing significant challenges related to its rapidly aging population, characterized by high poverty rates among the elderly and a surge in the number of centenarians. According to 2023 data, the relative poverty rate for those aged 66 and older stands at 39.8%, the highest among OECD member nations. This metric indicates that nearly four in ten seniors live on less than 50% of the median national income.

Simultaneously, the population of citizens aged 100 or older has increased by 32.6% over the last four years, approaching 9,000 people. Regional data shows that rural areas like Goheung, Yeongyang, and Bonghwa have the highest concentrations of centenarians per 100,000 residents. Women make up the vast majority of this group, accounting for approximately 83.2% of centenarians.

As the elderly population is projected to exceed 40% of the total population by 2050, experts and lawmakers are emphasizing the urgent need to strengthen old-age income security, pension systems, and caregiving support to ensure a dignified life for the growing number of seniors.