For the first time, individuals in their 50s have emerged as the dominant age group in South Korea’s workforce, surpassing those in their 40s, a shift indicative of the country’s aging population. Statistics Korea’s 2022 job report, released on Dec. 6, revealed that this demographic now holds 24 percent of the total jobs, amounting to 6.35 million out of 26.45 million.
In a remarkable departure from previous trends, the data shows that the number of jobs held by those in their 50s has overtaken both the 40s and 30s age groups. The latter now accounts for 20.0 percent of the workforce with 5.28 million jobs, while the 40s group holds 23.8 percent with 6.31 million. This is a significant shift from 2016, when the workforce was primarily composed of those in their 30s and 40s.
Over the last six years, the job market has undergone a notable transformation. In 2016, there were 5.15 million jobs for those in their 50s, compared to 6.14 million for the 40s and 5.33 million for the 30s age groups. However, the number of jobs for individuals in their 50s increased by 1.2 million, while those for the 40s grew by only 170,000, and the jobs for those in their 30s decreased by 50,000.
The rising prominence of the 50s age group in the job market is partly attributed to the aging population in South Korea. The average age of workers has increased from 44.5 in 2016 to 46.8 in 2022, marking a 2.3-year increase over six years, as per Statistics Korea.
This article was originally published on Dec. 7, 2023.
