South Korea: The dispute is part of broader challenges for the ROK where the cost of senior welfare is surging and comes amid debate on raising the retirement age from 60 and how to ensure a sustainable national pension scheme.
reuters.com
reuters.com
More than 18% of South Korea's population of 51 million is aged 65 or older. That proportion is projected to hit 30% in 2035 and 40% in 2050, according to the country's statistics agency.
In the greater Seoul area, where almost 3.7 million people are 65 or older, more than 233 million free rides were taken last year. That cost Seoul Metro some 315 billion won ($250 million), equivalent to 30% of its debt.
Daegu, a large city in South Korea's southeast, said recently it will consider increasing the minimum eligible age in gradual stages to 70. Another city, Daejeon, is looking at a similar policy.
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