South Korea’s national pension service is considering lending money to singles who delay or are reluctant to tie the knot because of wedding costs as a way to promote marriage and help raise chronically low birth rates, officials said Sunday.
South Korea is faced with mounting demographic problems as the ultra-low birth rate and the rapidly aging population are expected to seriously shrink the size of the labor force and depress economic growth. Such changes are also pressing on the pension operators who have to deal with increasing payments for the elderly while revenue drops.
Summing up, the labor force in Europe is likely to be older, contain a higher share of women, and will overall be composed of people that are on average higher educated than today. This result is robust in the sense that it holds for the overall labor force, irrespective of the scenario, and for the analyzed subgroups (men/women and broad age groups). Whether the labor force will be smaller depends on how participation of women and those aged 55+ years and older evolves.Thus, the idea is that better educated people, including ever increasing fractions of women (don't waste that resource!), will generate higher, not lower, levels of economic productivity as they age, thus dampening the effect of the overall aging of the population. In other words, educating women is a better solution to the world's problems than encouraging them to leave university and have babies.