For the first time in history, the employment rate for those aged 70 and over in South Korea has surpassed 30%. This means that 3 out of 10 individuals in their 70s or older are working and earning money.
As late employment, marriage, and childbirth have become more common in South Korea, the “working 70s” have increased. In the first half of this year (January to June), the number of employed individuals aged 70 and over increased by 150,000 compared to the previous year, marking the most significant increase ever.
According to Statistics Korea, the average monthly number of employed individuals in the first half of this year was 28.45 million, an increase of 220,000 from the previous year.
The main contributor to this increase was the age group of 70 and over. The number of employed individuals in this age group reached 1.925 million, close to 2 million, marking an increase of 150,000 from the previous year—the largest increase among all age groups.
This was followed by those in their 60s (132,000), 30s (91,000), and 50s (43,000). In contrast, the number of employed individuals under 30 (-115,000) and in their 40s (-82,000) decreased.
The number of employed individuals aged 70 and over, as well as the increase in this number, reached the highest levels since Statistics Korea began separately compiling employment data for this age group in 2018.
In the first half of 2018, there were 1.268 million employed individuals aged 70 and over, and this number surged by an additional 657,000 (52%) over six years.
Also, or the first time, the increase in the number of employed individuals aged 70 and over in the first half of this year surpassed that of those in their 60s. The employment rate for those in their 70s jumped from 22.7% in 2018 to 30.2% this year, setting new records in both cases.
According to the additional survey on older adults in the workforce conducted by Statistics Korea every May, 66.7% of those aged 55-79 last year reported having employment experience, up more than 5 percentage points from 2013 (61.6%). Whether currently working or not, 68.5% responded that they “plan to work in the future,” a significant increase from 60.1% ten years ago.
The main reason for older adults to seek employment is financial necessity. Among those aged 55-79 who plan to work, over half (55.8%) stated they intend to delay retirement to make up for insufficient pension income. Additionally, many cited “enjoyment of work” (35.6%) and “boredom” (4.3%) as their reasons for continuing to work.
Most individuals in their 70s who plan to work prefer part-time jobs, working only 4-5 hours a day, considering their health status. While only 33% of those aged 55-59 prefer part-time work and 67% prefer full-time work, this preference for part-time work rises to 67% among those aged 70-74 and 80.4% among those aged 75-79. Among those planning to work in the future, 42.1% of individuals aged 60-64 and 53.4% of individuals aged 65-69 prefer part-time work.
Globally, the proportion of working elderly in S. Korea is high. According to the Organization for Economic Cooperation and Development (OECD), South Korea’s employment rate for those aged 65 and over was 34.9% in 2021, more than double the OECD average (15%). This rate is also higher than in Japan (25.1%), which faces similar issues of an aging population.
