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Economic Implications of Population Aging in the Korean Labor Market : Economic Implications of Population Aging in the Korean Labor Market

초록/요약

The aging of population raises some important issues. With Korea’s population projected to decline and age from 2030, this paper examines how labor market will be affected from the change of population structure. The paper also explores the policy options of the Korean labor market to population aging. The demographic transformation in Korea is expected to be more rapid compared to other countries. Korea has already entered the stage of an aging society as of 2000 and will become an aged society by 2019. This aging transformation is expected to accelerate after 2030, and by 2050 the proportion of elderly people will reach almost twenty five percent, a proportion similar to that of more advanced economies. Decline in saving rate and GDP following population aging is likely have an adverse effect on economic growth. Of various economic sectors, labor market is one of the first, directly affected by structural changes in population from aging. As Korea’s population aged over the past half-century, the growth of its labor force has undergone changes as well. Labor supply growth remained quite strong over much of the last century due to a significant spike in birth rates after World War Two. However, as the baby boom generation passes into retirement over the next few decades, labor force growth is expected to sluggish considerably. By 2030 a greater portion of the population will be inactive, causing Korea’s total dependency rate to rise by seventeen percent and old age dependency to increase by one hundred and fifty four percent from rates in 2000. The economic participation of the elderly population has been quite high in Korea. Such a trend was caused by the fact that the proportion of workers either self-employed or serving in the agricultural sector is higher than in the developed nations. The economic participation of the elderly, however, is likely to decrease in the coming years as such factors are now becoming less significant. One of the most significant turn

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목차

I. INTRODUCTION

II. POPULATION AGING AND ITS IMPLICATIONS IN THE MACRO ECONOMY
2.1 Demographic Trend
2.1.1 Demographic History and Projection of the World
2.1.2 Demographic History and Projection of Korea
2. 2 Macro Economic Effects of Population Aging
2.2.1 Decreasing Labor Force
2.2.2 Increasing Government Fiscal Burden
2.2.3 Decelerating Economic Growth
a. Saving Rate
b. GDP
2.2.4 Welfare of Society

III. IMPACT OF POPULATION AGING ON THE KOREAN LABOR MARKET
3.1 Changing Trends in the Labor Market in Korea
3.1.1 Aging Labor Force
3.1.2 Labor Force Participation of Elderly Workers
3.2 Corporate Environment for Elderly Workers
3.2.1 Wage System
3.2.2 Human Resource Management Effect on Retirement
a. Hiring Scheme
b. Retiring Scheme

IV. POLICY IMPLICATIONS OF LABOR MARKET TO POPULATION AGING
4.1 Current Labor Market Policies
4.1.1 Elderly Workers Employment Policy
a. Wage Subsidy
b. Labor Protection-Quota System
4.1.2 Labor Participation Policy
4. 2 Future Policy Options of Labor Market to Population Aging
4.2.1 Elderly Workers Labor Participation Policy
a. Improvement of Wage System
b. Prohibition of Age Discrimination
4.2.2 Labor Force Participation Policy
a. Female Labor Force Participation Policy
b. Youth Labor Force Participation Policy
c. Foreign Labor Force Participation Policy

V. CONCLUSION

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