Seoul: The relative poverty rate among South Korea's retired population has reached the highest level among member countries of the Organization for Economic Cooperation and Development (OECD), as revealed by recent data.

According to Yonhap News Agency, for individuals aged 65 and older, the relative poverty rate stood at 39.8 percent in 2023, marking an increase of 0.1 percentage point from the previous year. This rate measures the proportion of people living on less than half of the country's median income, positioning South Korea at the top among the 33 OECD member nations based on 2022 figures.

The senior population in South Korea has reached 10.51 million, accounting for 20.3 percent of the total population. Projections indicate that this proportion will rise to 30 percent by 2036 and exceed 40 percent by 2050. Currently, households headed by individuals aged 65 and above make up 27.6 percent of total households, with expectations that this figure will rise to 50.6 percent by 2052.

The average net assets of senior households in 2024 amounted to 465.94 million won (approximately US$332,695), reflecting an increase of 10.54 million won from the previous year. Additionally, among those aged 65-79, 57.6 percent expressed a desire to continue working. Of these individuals, 51.3 percent cited the necessity of covering living expenses as the primary reason, followed by personal satisfaction and enjoyment of work at 38.1 percent.