More than 47% of the South Korean population is expected to be aged 60 or more by 2060, according to the Korea Insurance Development Institute (KIDI). In comparison, 18.5% of the population was aged 60 or more last year.
KIDI released the projection earlier this month when it launched a website to provide information on retirement and the country's ageing society, according to local media reports.
The life expectancy of South Koreans, which stood at 81.7 years in 2015, is expected to climb to 84.3 years in 2030.
A separate think tank, the Korea Economic Research Institute, has forecast that the country's GDP is projected to shrink by 8% in the next 10 years, as the population’s rapid ageing takes the steam out of the economy.
The institute estimates that a 1-percentage point growth in the proportion of people aged 65 in the total population would lead to a 0.97% drop in GDP.