South Korea’s working age population expected to fall by 3.2 million in 2030

South Korea’s working age population is expected to fall by 3.2 million over 2020-2030 amid its greying population, according to a government labour report. 

People aged 15 and over grew by 4.63 million over 2000-2010, and 3.96 million in the following decade, but the population growth is expected to slow dramatically to 1.34 million from 2020-2030, revealed the report. 

The proportion of the population aged 15 to 29 is also estimated to fall to 14.7% in 2030, compared with 19.9% in 2020 and 23.8% in 2010, showed the report. 

Meanwhile, the percentage of the population aged 50 and above is expected to increase to 55% in 2030, from 45.8% in 2020, and from 35.1% in 2010, writes The Korea Times. 

The economically active population — defined by people aged 15 and above who are able and willing to hold a job — is forecast to start a downward turn after reaching its peak in 2025. 

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Over 2020-2030, the report predicts that the country may see an addition of only 746,000 people in the economically active population, a fall from 3.05 million over 2010-2020, and 2.8 million from 2000-2010.