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Korea has the highest poverty rate for elderly citizens among a number of major economies with the figure standing at 34.8 percent when net income is assessed, data showed on Monday.

Released by the Korea Development Institute (KDI), a state-run think tank, the data also showed Korea, out of the eight countries, has the highest rate of poverty for those aged 65 and older. After deducting taxes, the report placed 43.4 percent of the cohort in poverty.

The findings come as the total number of elderly citizens surpassed 9 million for the first time in 2022 and is expected to increase at a faster rate moving forward.

Older people are expected to account for more than 20 percent of Korea's entire population in 2025 and 49.8 percent by 2050.

The KDI said Korea's poverty rate of 34.8 percent concerning comprehensive net income was far higher than Germany's 11.8 percent, the United States' 10.8 percent and the United Kingdom's 9.8 percent.

With regard to net disposable income, the 43.4 percent poverty rate for Korean seniors was the highest among OECD member states. The average rate for the 36 OECD member states was 13.1 percent.

Separate data from Statistics Korea showed many elderly people work even after their retirement in order to escape poverty.