"Social Security Expenditures account for 26.9% of GDP in 2065"

It is predicted that Korea's social security expenditure, which is at the bottom of the Organization for Economic Cooperation and Development and the OECD, will increase to 26.9% of its gross domestic product in 2065.

The Ministry of Health and Welfare said the 34th Social Security Committee discussed the 5th social security financial estimate.

Based on the analysis by 2065, assuming the maintenance of the current system, public social welfare expenditure, which is 15.5% of GDP this year, is estimated to increase by 74% to 26.9% in 2065.

Spending in the health sector was expected to jump from 5.4% to GDP this year to 10.6% in 2065, and from 4.7% to 11.9% in the ageing and bereaved sectors.

Korea's welfare expenditure is 15.9% of GDP next year, which is expected to enter a super-aged society, which is smaller than Japan's 16.9% when it entered a super-aged society in 2005.

The Commission explained the need to set the direction of long-term investment in social security finances to respond to entry into a super-aged society and close the gap with the OECD.