Elderly Poverty in South Korea: A Growing Crisis

The elderly poverty issue in South Korea is becoming increasingly severe. For those born in 1945, the per capita GDP at age 30 was around $600, which surged to $1700 just five years later. Despite economic growth, over half of those aged 75 and older currently live below the poverty line. While the OECD average for elderly poverty is 15%, South Korea's rate is about 40%, significantly higher. Structurally, the average income for the elderly in South Korea is notably low, and stricter eligibility criteria for national and basic pensions exacerbate their economic isolation. Problems such as depression and solitary deaths are emerging, especially in poor living conditions like goshiwons (small, cheap rooms) making the need for improvement in elderly housing and poverty alleviation urgent. In Seoul, the situation is even more pronounced, with a concentration of the elderly and low-income residents facing intensified poverty and a concerning lack of policy support aimed to help them.