Anchor: The government has unveiled a series of measures designed to expand the participation of elderly citizens in the labor market as the number of South Korean seniors is set to rise sharply in the coming years. The move comes as the domestic working-age population began to shrink from last year and the total population is projected to begin to contract in nine years.
Our Bae Joo-yon has more. 

Report: South Korea has unveiled a set of measures designed to help the country cope with its rapidly aging population. 

A pan-government task force launched in April to address demographic challenges came up with four key strategies and 20 policy tasks. It announced the measures in a meeting chaired by Finance Minister Hong Nam-ki on Wednesday. 

On top of the list for consideration is the introduction of a system, inspired by a similar one in Japan, in which businesses continue to be responsible for the employment of their workers after they reach the retirement age of 60. 

Employment would be mandatory to a certain age above 60, but businesses would be free to choose to extend or abolish their retirement age or to rehire retired former employees. 

Starting from next year, the government will provide an additional two billion won in support funds to employers that hire those aged 60 or older.  

Further, the government will announce by next month plans to assist other areas impacted by South Korea’s aging society, including the supply of teaching staff and military manpower.

It will also unveil how it will adjust, in the long-run, the legal definition of a senior citizen, which currently stands at 65, as part of efforts to manage a rise in welfare spending. 

South Korea is the only member of the Organization for Economic Cooperation and Development with a fertility rate below one. 

Statistics Korea expects that in six years, the nation will become what is known as a super-aged society which means more than a fifth of the population will be 65 or older. In nine years, it expects that the total population will begin to decrease. 
Bae Joo-yon, KBS World Radio News.