South Korea is an aging country where about 30 percent of the population would consist of people aged 75 years and older by 2073. The aging society is accelerated by the record-low birth rate that continues to drop to stand at 0.81 babies per couple in the first quarter of 2023.
According to the government data released on June 19, there were about 4,467,000 working people aged between 60 and 69 years old as of May 2023. Meanwhile, the number of working people in their 20s was 3,833,000. During the last five years, the number of people in their 60s increased by 1,772,000 to reach 5,709,000 due to the baby boomer generation entering the age group.
The biggest reason for old people getting jobs is to earn money for regular expenses, the statistical information service said. About 72 percent of old people wished to continue working in May 2022. About 22 percent of old people thought their health condition was good enough to work, up 9.9 percent point compared to 10 years ago.
The employment rate of people in their 60s in 1Q 2023 was 59.7 percent. The employment rate of people in their 20s was 62.3 percent. The government data showed that the number of jobless people in their 20s stood at 357,000, up 11.2 percent compared to the same period last year.
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