South Korea enters ranks of 'very old' societies: South Korea's population is aging and shrinking rapidly

With 20 percent of its population aged 65 and over, South Korea has become a “very aged society,” according to official data released Tuesday, a bleak trend driven by extremely low fertility rates.

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Asia's fourth-largest economy had 0.7 births per woman at the end of last year – one of the lowest fertility rates in the world and far below the replacement rate of 2.1 needed to maintain the current population. As a result, South Korea's population is ageing and shrinking rapidly.

People aged 65 and over now number nearly 10 million. They “account for 20 percent of the 51.2 million registered population” the Interior Ministry said in a statement Tuesday, which places South Korea in the category of “very elderly societies”, like Japan, Germany and France.

The number of seniors has doubled

The number of seniors has also more than doubled since 2008, when there were only five million, according to the ministry. Men account for 44% of this population, according to the same data.

While the government is investing billions to encourage births, including by offering subsidies for egg freezing, these measures have not produced the results expected.

The population is expected to drop to 39 million by 2067, when the median age is expected to be 62.

Experts say South Korea's low marriage and birth rates are linked to high education costs, soaring real estate prices and a competitive culture in South Korean society that makes it difficult to find well-paid jobs.

Another key factor, experts say, is the double workday for women who, while pursuing their careers, take on most of the housework and child-rearing responsibilities when they return home.