South Korea's workforce aged 55-79 exceeds 10 million for the first time
Government figures show that more than 10 million South Koreans aged 55 to 79 were employed as of May, a record since data collection began.
South Korea's aging labor market hit a new milestone, with the number of employed individuals aged 55 to 79 surpassing 10 million for the first time, according to the Ministry of Data and Statistics. The total population in this age range grew to 17.02 million, an increase of 570,000 from a year earlier, and 10.13 million of them were employed, raising the employment rate to 59.5 percent. Their average tenure rose slightly to 17 years and 7.1 months.
Survey responses reveal that 69.2 percent of older workers wish to continue working, with an average preferred retirement age of 73.6. Over the past year, 62.7 percent received a pension, averaging 880,000 won (US$616) per month. This marks the highest count recorded since the government began tracking the metric in 2005.
Why it matters
The surge shows older South Koreans are staying in the labor force, affecting pension systems and economic policy.
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