ASIAdocument.write(“” + m[today.getMonth()+1]+ ” “+ today.getDate()+”, ” + theYear + ” “);HOMECHINAWORLDBUSINESSLIFESTYLECULTURETRAVELSPORTSOPINIONREGIONALFORUMNEWSPAPERChina Daily PDFChina Daily E-paperChina Daily Global PDFChina Daily Global E-paperChina / WorldHot IssuesGovernmentSocietyInnovationEducationCover StoryPeoplePhotosElderly face severe debt woes, report saysBy Xinhua in Seoul (China Daily) Updated:2015-11-19 07:49Comments Print Mail Large Medium SmallSouth Koreans in their 60s or older are facing the highest debt-servicing burden to income in the world, a state-run think tank report said on Wednesday.The ratio of debts to income among households aged 60 or more reached 161 percent in 2014, according to the Korea Development Institute report. It surpassed the countrys average ratio of 128 percent for all ages.The report said South Korea is the only country in the world having a higher debt-to-income ratio for the elderly than for all ages.The elderly in the United States and Europe tend to reduce household debts as they get older, but it was delayed among the South Korean elderly to their 50s, according to the report.Income stability is lower among the South Korean elderly than those in Europe and the United States. The ratio of stable income, including pensions and transfer income, to the total stood merely at 29 percent for the elderly in South Korea, lower than over 70 percent in Germany and the Netherlands and a relatively low level of 39 percent in the US.If macroeconomic conditions change and the elderly are forced to repay debts rapidly, they vi//face short-term problems with their debt-servicing capability, the report said.In South Korea, the ratio of household debts to GDP jumped to 81 percent in 2014. Among the total debts, those of the elderly accounted for 53 percent in 2014, up from 41 percent 10 years ago.The Bank of Korea lowered its benchmark interest rate by 25 basis points in August and October last year before cutting it further in March and June this year to an all-time low of 1.5 percent.8.03KPhotoNight views of Harbin through the lensTibetans take train home after pilgrimage or travellingWorlds largest shaftless Ferris wheel built in ChinaAncient cities to be connected by Xian-Chengdu high-speed railwaySnow turns Harbin into winter wonderlandReed Catkin Festival held in WuhanSocietyPoliticsHot TopicsScience/TechBusinessCover StoryFTZ simplifies process to launch businessesJapan can offer experience, expat saysApplication for work streamlinedAwareness of law aids resolutionAir Force units explore new airspaceLow wages and lack of respect responsible for kindergarten abuse, experts sayLiu heralds UK partnership in education and researchAgency ensuring natural gas supplyUN envoys trip to DPRK praised by BeijingChina moves to secure natural gas supply amid rising winter demandXi asks China, Canada to work for substantial tiesCooperation necessary for success, leaders sayLiving in space: How astronauts train, eat and workTeachers excused for lunchtime drinksWaiting for Shenzhou XICancer agent found in 44 cities drinking waterAt Ikea eatery, its no pay, no stayChina lose 2-0 to Uzbekistan in World Cup qualifier, coach Gao resignsC919 gains another 55 orders, lifting total orders to 785Services offset dip in manufacturingFintech to energize real economy, cut risksChinas Long March rockets complete 60 commercial launchesEngineers achieve breakthroughChina-made components add securityOnline shopping rings up customer complaintsImport expo to focus on advanced techSME mobile market platform receives first clientsChina top importer of US soybeansAir China opens direct route from Beijing to BarcelonaInsurance-based trust launchedDandelion helping to sow the seeds of stability for membersCover storyVisa change may boost tourism to USThe wrong side of the roadBuilding ban begins to biteVillagers call on Japan to atone for massacreMost ViewedTodays Top NewsPremier stresses protection of Chinese abroad after hostage killingForeign Ministry confirms death of hostage, condemns killingSAR chief executive wins support from XiBeware: 11% of free WiFi sites pose dangersTibetan plateau warmer, moister: reportDeath toll hits 33 in east China landslideGlacier on Tibetan plateau retreating: reportTibet plateau as clean as North Pole: reportGovt to launch cutting-edge projects, premier saysJiangsu to curb use of antibioticsIn todays trending, police stop a Lamborghini transporting a giant teddy bear, man chills out on beanbag chair in subway, and an outdoor elevator in Shanxi breaks three world records.HighlightsChurch puts faith in recruitment driveChinas top CBD skylinesColdest town in China braves lowest temperature this winterScientists on collision course with futureHot TopicsChinas two-child policy puts pressure on sperm banks Ground level Rule of law Panda China youths Anti-terror drive Family planning Smog Fox Hunt Beijing integrates with Tianjin, HebeiSpecial5th Plenary Session of 18th CPC Central CommitteeChina Legal Information Center…| About China Daily | Advertise on Site | Contact Us | Job Offer | Expat Employment |Copyright 1995 -var oTime = new Date();
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