The elderly in the Republic of Korea (Photo: Yonhap)

According to the data, South Koreans aged 75 or higher account for 7.7% of total population in 2023, which is expected to rise to 16% in 2037 and 30,7% in 2070. 

The 2070's estimated figure is the highest among members of the Organisation for Economic Cooperation and Development (OECD), SK said, citing the United Nations World Population Prospects 2022. 

The proportion of South Koreans aged 65 or higher is forecast to climb from 18.4% in 2023 to 31.9% in 2037 and 46.4% in 2070.