SEOUL -- Recent data released by South Korea's state statistical information service has shown that the number of working South Koreans aged 60 and older reached 5,404,000 as of January 2024, up six percent compared to the same period last year. However, employed South Koreans in their 20s decreased by 1.3 percent year-on-year.
South Korea is facing rapid aging, with estimates indicating that by 2073, about 30 percent of the population will be aged 75 years and older. This demographic shift is driven by a declining fertility rate, which was recorded at 0.72 babies per couple in 2023.
According to data released by Statistics Korea on February 16, employed people aged 60 or older was 5,404,000 in January this year. Meanwhile, the number of working people aged between 20 and 29 was 3,678,000, down 1.3 percent from January 2023.
Previously, the state statistical information service operator reported that the employment rate for people in their 60s in the first quarter of 2023 was 59.7 percent. Statistics Korea analyzed that the main reason for the elderly in their 60s getting jobs was to earn money for regular expenses.
A 2023 survey conducted by the employment ministry's Korea Employment Information Service showed that teenagers, as well as those in their 20s, 30s, and 40s, ranked work-life balance as their primary consideration when choosing a job. Respondents in their 50s and 60s prioritized job stability in their job-seeking endeavors. A total of 5,786 individuals aged 15 and above participated in the survey.