While South Korea ranks near the bottom in social welfare spending among members of the Organization for Economic Cooperation and Development(OECD), the amount is expected to increase as the population ages. 

According to the welfare ministry on Thursday, the Social Security Committee under the prime minister met earlier this week to discuss its projections.

By 2065 the committee expects social welfare spending to equal 26-point-nine percent of the nation’s gross domestic product(GDP) as compared with 15-point-five percent this year, representing an annual average increase of four-point-two percent.

Spending on health care is forecast to expand from five-point-four percent of GDP this year to ten-point-six percent in 2065, and spending on age-related needs could increase from four-point-seven percent to eleven-point-nine percent of GDP during the same time frame.

While the nation is set to become a “super-aged society” next year, its projected social welfare expenditure of 15-point-nine percent of GDP is far below that of other OECD members when they made the same transition. 

For example, Finland spent 30-point-five percent of its GDP when it became a super-aged society, and France spent 30-point-seven percent.