Deputy Minister of Economy and Finance: "Next 10 Years Are the Golden Time for Population Issues... Expanding Women's and Youth's Market Participation"

Annual Average Working-Age Population to Remain at 400,000-500,000 for the Next 5 Years

[Image source=Yonhap News]

[Asia Economy Reporter Jang Sehee] Kim Yongbeom, the 1st Vice Minister of the Ministry of Economy and Finance, said on the 30th, "The next 10 years, when the working-age population shortage will become full-fledged, is the golden time to address population issues."

On the same day, Vice Minister Kim held the launch meeting of the "2nd Population Policy Task Force (TF)" at the Seoul Government Complex to respond to changes in population structure and ensure continuity of population policies, stating, "We will make every effort to ensure that measures to respond to changes in population structure are prepared in a timely manner."

To this end, he emphasized, "We will expand the working-age population by increasing women's economic participation rates and expanding labor market participation among the youth."

He also expressed, "We will promote the advancement of human resources through strengthening lifelong education, innovating vocational training, and enhancing the linkage between lifelong education and vocational education."

In addition, plans include utilizing idle infrastructure such as vacant houses and industrial facilities, and taking the lead in creating an elderly-friendly financial environment. A "Plan to Foster Elderly-Friendly New Industries" at the pan-government level will also be prepared.

As of November last year, the cumulative number of births recorded 282,000, down 7.3% compared to the same period the previous year, marking the lowest level ever. From this year, when the baby boom generation (born 1955?1963) enters old age, the working-age population is expected to decline at an even faster pace.

According to the Ministry of Economy and Finance, over the next five years, an average of 700,000 to 800,000 people per year will leave the working-age population, while the number entering the working-age population is expected to be only around 400,000 to 500,000.

Vice Minister Kim said, "For the 2nd Population Policy TF to achieve its intended results, active participation from related ministries and research institutions such as the Korea Development Institute (KDI) is essential," and urged, "The lead ministry in charge of the working group should play a leading role in discovering tasks that align with the purpose."

This content was produced with the assistance of AI translation services.