Not even employed yet…"Those born in 2000 will face 130 million won in national debt at retirement"

People born in 2000, who are 25 years old this year, are expected to bear 130 million won of national debt per person at retirement.

On the 13th, Choi Eun-seok, a member of the National Assembly's Strategy and Finance Committee from the People Power Party, citing the 'Per Capita National Debt Outlook' submitted by the National Assembly Budget Office, said that per capita national debt is projected to surge from 24.58 million won this year to 31.65 million won in 2030, 86.13 million won in 2050, and 201.63 million won in 2072. National debt is the sum of central government debt and net local government debt.

Young people in their late 20s, who are currently of working age, are expected to see per capita national debt exceed 100 million won by the time they retire. In 2060, when those aged 25–30 this year (born 1995–2000) turn 60–65, per capita national debt is projected to be 130 million won. This is more than five times the level this year. If the current statutory retirement age (60) is maintained, those born in 2000 will shoulder 130 million won of national debt upon retirement.

The Budget Office pointed to structural factors—continuing increases in national debt combined with a sharp decline in population. South Korea's total population is estimated to decrease by about 30% from 51.68 million this year to 36.22 million in 2072.

Rep. Choi said, "The current 20s and 30s generations will have to bear national debt on top of the triple hardships of pension depletion, low birthrates and aging, and low growth," and added, "A fundamental solution must be prepared to restore intergenerational equity."

Reporter Lee Kwang-sik bumeran@hankyung.com