South Korea has undergone an extreme and rapid demographic transition, a growing elderly population, and a low birth rate. In 2021, Korea’s population has declined for the first time since the census began in 1949. According to the Bureau of Statistics Korea, the population is expected to decline by about 27% in 2070 as compared to 2021, along with a large increase in the proportion of the population aged 65 years and over. Despite this rapid increase in the elderly population, the Korean government’s policy to support the elderly is not yet mature which makes the seniors enter the labor market for a living. The decline in fertility rate in Korea started in the 1960s when the government implemented a policy to limit population growth for economic development. Due to the continuous decline in fertility rate, the Korean government started pursuing a policy to encourage childbirth in the early 2000s. However, the fertility rates have not recovered and reached 0.81 in 2021. Increased Korean women’s labor market participation is cited as the main reason for the continued decline in fertility rates. However, various problems are intertwined which have given rise to this situation, such as an immature workplace culture that prevents women from building their careers while raising children, high house prices, and youth unemployment that delays young people’s marriage and their starting families.