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Longevity risk in Korea

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Title Longevity risk in Korea
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Material Type Videos
Author(English)

Korea Development Institute

Publisher

[Sejong] : Korea Development Institute

Date 2016-08
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Subject Economy < General
Social Development < Population
Holding Korea Development Institute
License

Abstract

Life expectancy is on a rapid upward trajectory. In Korea, life expectancy at birth has surged from 52.4 years in 1960 to 82.4 years in 2014, marking the fastest growth among OECD members. The source of the increase can be found in falling mortality rates. Also, the improvement patterns of the mortality rate has changed along with economic development. For example, while improvements in life expectancy in the 1970 to 1985 period was mainly due to a decline in the mortality rate of children and the working-age population, after 2000, this shifted towards the elderly.
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Since 2000, approximately 60% of the increase in Korea’s life expectancy is owed to the improved mortality rates of the 65 years and over population. However, a failure to accurately reflect this trend has led to the continued under-forecast of the elderly population. In an era of population aging, it is vital that precise estimates on the elderly population are obtained as they will have a direct impact on social welfare expenditure.