Seoul’s working population to fall by one million

HRM 29 Nov 2012

South Korea’s capital is likely to lose one million people of working age over the next two decades as the country continues its spiral as one of the world’s most rapidly ageing societies.

According to the latest statistics by the Seoul Metropolitan Government, the city’s working population will drop from the current 7.64 million to 6.56 million by 2032.

In addition, the number of residents over the age of 65 will more than double from 1.03 million to 2.6 million during the next 20 years.

Experts warn that Seoul’s fast ageing population is bad news that is likely to result in a huge pensions bill and too few workers to sustain economic growth.

South Korea’s Finance Minister Bahk Jae-wan spoke recently on the possible depletion of the national pension fund.

“Population aging in Korea is progressing faster than any other country. The fastest aging boosted fears over the faster- than-expected depletion of the national pension fund,” Minister Bahk was quoted as saying at a seminar held in central Seoul.

To boost birth rates in South Korea, the government has implemented several schemes, including the provision of protected maternity leave. However, many fear that these measures may not be enough to turn the tide.



Leave your comment
Start a new discussion

HRM Asia forum is the place for positive industry interaction and welcomes your professional and informed opinion.

Post a Comment
HRM Asia welcomes your contribution. Your IP address is recorded in the event of a complaint.
Name *
Email *
(required, but will not display)
Comment *
Please enter in the numbers in the box left.
You are about to submit your comment. Is it:
  • Professional
  • In your own name or pseudonym, not impersonating someone else
  • Free from rude language
  • Free from advertising
  • If you prefer not to post but are still keen to get your viewpoint across, you can always e-mail the editor.
  • 20 Aug | Frazer Jones Global HR Search and Recruitment | Singapore
    Partner with the business to advise and strategies on HR policies, coach the senior leadership team and deliver best practice across the region.
    19 Aug | Frazer Jones Global HR Search & Recruitment | Singapore
    The HR Associate will be required to support the HR Manager to ensure the smooth running of HR Operations in the office.
    15 Aug | Frazer Jones - Global HR Search and Recruitment | Singapore
    Resourcing Consultant role that will execute the end to end recrutiment process within a Financial Institution across the region.
    Innovation in engagement, motivation and retention of talent
    Prof Veena Jadav and Carolyn Seah of S.P. Jain School of Business Management share the findings of the school's annual HR Conclave survey about talent management practices companies are adopting in different geographies
    GSK: Talent management – a serious business imperative
    Talent Management for Sustainability: Default or Design?
    Scouting for High Potentials
    Performance Leadership Pte Ltd | info@performance.sg
    Lunch, Learn and Bond with your teams, all within 1 hour! Choose from a variety of light-hearted, interesting or thought-provoking topics that appeal ...
    Performance Recognition Pte Ltd | info@performance.sg
    A monthly business incubator where leaders grow their skills, exchange ideas and share best practices.
    Organisational Development Concepts | enquiries@odctraining.com.sg
    Quality workshops packaged for learning effectiveness and cost efficiency