Majority of Korean seniors remain economically active

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Majority of Korean seniors remain economically active

Published: 25 Jul. 2023, 19:51

A job seeker reads a flyer at a job fair for seniors held in western Seoul on Dec. 15, 2022. [YONHAP]

Around 60 percent of Korean seniors were economically active as of May, data showed Tuesday, reflecting the country’s rapidly aging population.

The poll by Statistics Korea showed 60.2 percent of the country’s 15.48 million people aged from 55 to 79 were economically active, up 0.8 percentage points from the previous year.

The data encompasses both individuals currently employed and those actively in search of job opportunities.

The number of employed people in the age group came to 9.12 million, up 349,000 from a year earlier, with the employment rate moving up 0.8 percentage points over the period to 58.9 percent, it added.

The report also showed that 50.3 percent of the seniors received a pension, up 0.9 percentage points over the period.

On average, male individuals received 980,000 won ($770) monthly, while females earned 500,000 won, showing an increase of 8.9 percent and 9.2 percent compared to the previous year, respectively.

Of all seniors, 68.5 percent replied they wished to continue working, expressing hope to be employed until an average of 73.

The country, meanwhile, has been grappling with demographic challenges from a chronically low birthrate and rapid aging.

Koreans aged 65 and above are set to make up 46.4 percent of the total population in 2070, separate data showed last month. The figure marks a sharp rise from the 18.4 percent estimated for that year, according to Statistics Korea.

The proportion of seniors is anticipated to hit 20 percent in 2025, compared with 14 percent in 2018. Koreans’ average life expectancy came to 86 years in 2021, compared with 72 years in 1991.

While Korea has been reporting sound job data recently, most of the gains were led by seniors.

Positions for those aged 60 and above rose 343,000 on-year in June, with those for people in their 50s rising 71,000. Jobs for 30-something Koreans managed to edge up just 70,000, while those for people in their 20s decreased by 103,000 over the period. The number of jobs for people in their 40s fell 34,000.

Yonhap