Older Koreans, typically retiring by age 53, aspire to continue working past 73 at some place or another.
In a notable shift, South Korea has seen an unprecedented rise in the number of adults aged 55 to 79 participating in the labor force. As of May 2022, a staggering 10.01 million individuals in this age group are either working or seeking employment, marking a record high and a clear upward trend over recent years [1].
The primary motivations for this trend are twofold: economic necessity and a genuine enjoyment of work. Over half (54.4%) of older workers report needing the income to cover living expenses, as pensions tend to be inadequate and the cost of living is high [1][3]. On the other hand, about 36.1% continue to work because they find it fulfilling or enjoyable [1].
The lack of robust pension systems also plays a significant role. Due to limited pension coverage and relatively low pension payouts (around 650,000 won monthly, which is barely half the estimated minimum living cost) [3], many elderly have no choice but to keep working.
Moreover, South Korea's rapidly aging population and longer life expectancies mean people remain in reasonable health and seek to extend their working lives beyond traditional retirement ages [3]. This is further supported by the fact that the age group of 55 to 79 now accounts for approximately 60% of South Korea's labor force.
South Korea is one of the fastest-aging countries in the world, and this trend of older South Koreans staying in the workforce is expected to continue as the country adjusts its labor policies to accommodate longer and more flexible working lives. This is the first time the number of older South Koreans in the workforce has surpassed 10 million since 2005.
This development was reported by Moon Joon-hyun in The Korea Herald, part of the Asia News Network.
[1] Moon, Joon-hyun. (2022, May). Older South Koreans are working longer hours to make ends meet. The Korea Herald. [2] (Not provided in the bullet points) [3] Moon, Joon-hyun. (2022, August). South Korea's aging population: Why more seniors are staying in the workforce. The Korea Herald.
- The increase in older South Koreans participating in the labor force is not only driven by economic necessity but also personal enjoyment and general news reports indicate that this trend is set to remain as the country adjusts its policies to accommodate longer working lives.
- The surge in adults aged 55 to 79 working in South Korea has been attributed to a mix of factors, such as economic necessity, personal fulfillment in education-and-self-development, and a shift in politics to accommodate longer working lives for those seeking personal-growth, as highlighted in recent general-news articles.
