For the first time in history, the number of employed South Koreans over 65 has surpassed the number of young Koreans aged 15 to 29, a shift driven by the country’s rapidly aging population. With nearly 20% of the population now over 65, more seniors are remaining or re-entering the workforce for financial reasons.
The average number of employed seniors aged 65 and older reached 3.94 million in the second quarter of this year, exceeding the 3.87 million employed young adults aged 15 to 29 during the same period, according to Statistics Korea on Sept. 19. This demographic reversal is the first since the government began tracking employment data in 1989. In the first quarter of 1989, young workers (4.87 million) outnumbered their senior counterparts (382,000) by nearly 13 times.
The rise in senior employment reflects South Korea’s long-standing demographic challenges, including low birth rates and a rapidly aging population. In 1992, the country’s 65 and over population stood at 2.36 million, which accounted for only 18% of the 15 to 29 population. By February 2022, this figure surged to 8.94 million, overtaking the younger demographic. This year, the senior population exceeded 10 million, making up 19.6% of the total population. The country is now on the verge of becoming a super-aged society, where over 20% of the population is over 65.
More older workers are choosing to remain in or re-enter the workforce to secure financial stability. Korea’s elderly poverty rate is 38.1%, the second-highest in the OECD. The country’s pension system offers relatively low payments, averaging just 600,000 won (about $450) per month, and the age of pension eligibility is being pushed back. Those born in 1964 will start receiving pensions at 63, and those born in 1969 and later at 65.
Despite these challenges, the trend of companies retaining or continuing to hire skilled workers over 60, such as technicians, is seen as a positive development. “Workers in their 60s these days are as healthy and capable as younger workers,” said Kim Ji-yeon, a researcher at the Korea Development Institute. “And education levels among seniors today are much higher than 20 to 30 years ago.”
