South Korea's elderly poverty rate nearly triple OECD average, report finds

South Korea faces a severe elderly poverty crisis, with its poverty rate for those aged 65 and above reaching 39.7%, almost three times the OECD average of 14.8%. This stark figure underscores the urgent need for policy reform.

The Organisation for Economic Co-operation and Development (OECD) has advised South Korea to adopt a more comprehensive approach to supporting its elderly population. The organization suggests that policies should not only consider the income of seniors but also their assets, such as housing.

Specifically, the OECD recommends facilitating the conversion of assets into income, for example, through pension schemes or reverse mortgages. Financial support should be concentrated on vulnerable elderly individuals who lack usable assets. The report also noted a significant gender disparity, with elderly women in South Korea experiencing a poverty rate of 45.0%, compared to 32.6% for men, and both figures far exceeding OECD averages for women (16.9%) and men (11.7%).