South Korea’s workforce distribution has shifted into an “inverted pyramid,” with older workers now making up the largest share, reversing a decades-long trend. In the 1980s, younger workers dominated the labor force, but 40 years later, workers aged 60 and older have surpassed other age groups. This change is largely due to the country’s prolonged low birth rate and aging population, coupled with the growing need for seniors to continue working well into their 80s.
According to data from Statistics Korea, workers aged 60 and older outnumbered all other age groups for the first time in September. The number of employed individuals in this age group increased by 272,000 from the previous year, reaching a record 6.74 million, the highest since such statistics began in July 1982. Following them were workers in their 50s with 6.72 million, 40s with 6.19 million, 30s with 5.47 million, and those aged 15 to 29 with 3.71 million.
September marked the first time that workers over 60 surpassed those in their 50s, a shift that hasn’t occurred in the 42 years since records have been kept.
One such worker is Baek, a 60-year-old employee at a shipyard in South Jeolla Province, who planned to retire this year but will continue working due to his company’s policy of rehiring retirees as contract workers. “I don’t feel much different from when I was in my 50s, so there’s no reason to stop working,” he said, adding that his employer has asked him to stay until he turns 70.
The shift in employment demographics reflects the long-term effects of South Korea’s rapid aging and ongoing low birth rate. In 1984, when life expectancy was 68 years and the total fertility rate stood at 1.74 children per woman, the workforce was dominated by younger workers, forming a clear pyramid structure. At that time, only 1 million workers were over 60, far fewer than the 2.12 million in their 50s and 4.75 million younger than 30. However, as life expectancy increased and the birth rate plummeted, the workforce began to resemble a “diamond shape” in the 2000s, with the number of workers in their 30s and 40s surpassing both younger and older workers.
Since the mid-2010s, when the first wave of baby boomers, born between 1955 and 1963, entered their 60s, the number of elderly workers has risen sharply. In 2000, South Korea had 5.21 million people aged 60 or older, a number that surpassed 10 million for the first time in 2017. By 2023, with life expectancy at 84.3 years and the fertility rate dropping to 0.7 children per woman, the country’s workforce distribution shifted into an inverted pyramid.
The increase in elderly workers also reflects a growing desire among older South Koreans to avoid burdening their children and become financially self-sufficient in retirement. Many are concerned that their pensions, which average in the low 800,000-won range ($600), are insufficient to cover living expenses. A survey conducted by Statistics Korea in May found that only slightly more than half of the 15.98 million people aged 55 to 79 received any kind of pension, with an average monthly payout of about 820,000 won. This is just 61.3% of the minimum living costs for a single-person household, according to the Seoul Bankruptcy Court.
Kim Ji-yeon, a researcher at the Korea Development Institute, said the slow growth in pension amounts and the rising issue of elderly poverty are key factors behind the surge in older workers. “The increasing number of elderly workers is a reflection of the challenges facing South Korea’s aging population,” she said.
