ajunews Friday,8 December 2023

More than 1 mln South Korean people aged 60 years and older work in 2022: data

By Park Sae-jin Posted : September 26, 2023, 15:29 Updated : September 26, 2023, 15:29
Gettyimages Bank
Gettyimages Bank
SEOUL -- Out of some 13,154,000 South Korean people aged 60 years and older, more than one million are working, government data showed. South Korea is a rapidly aging country where about 30 percent of the population will consist of people aged 75 years and older by 2073.
According to the health ministry's data, 1,050,718 people aged 60 years and older were registered to the mandatory state medical insurance for workers. The number increased by some 108 percent compared to 503,840 people in 2013.
The data showed that about 12.7 percent of the elderly workers were the main breadwinner of the family. 1,402,508 people depended on income earned by elderly breadwinners. The number increased by 86.9 percent compared to 2013.
The ruling People's Power Party Lawmaker Kim Sang-hoon said during a National Assembly meeting held on September 26: "People in their 20s and 30s who are yet to become the main breadwinners have increased along with elderly people who cannot let go of their work." Kim stressed that now is the time that requires jobs and policies that are capable of covering the hardships suffered by each generation.
According to the government data released in June, 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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