In May, the number of elderly individuals working or seeking employment surpassed 10 million for the first time. This is the highest level since the Statistics Korea began compiling related statistics in 2005.
According to the Statistics Korea on June 6, the elderly population (ages 55 to 79) reached 16.447 million as of May, the highest level recorded since the start of statistical collection. This accounts for 36% of the total population aged 15 and older (45.734 million), which is also a record high.
The economically active elderly population (employed + unemployed) totaled 10.01 million, an increase of 328,000 compared to the same month last year, setting a record high. The economically inactive population also increased to 6.437 million, up 137,000 from the previous year. The number of employed elderly individuals was 9.78 million, an increase of 344,000 from last year, while the number of unemployed decreased by 16,000 to 230,000.
The economic activity participation rate of the elderly is now surpassing that of the youth. The participation rate is 60.9%, which is 11.4 percentage points higher than that of the youth (ages 15 to 29) at 49.5%. The employment rate for the elderly is also higher at 59.5%, compared to the youth at 46.2%.
By occupation, the proportion of elderly individuals employed as simple laborers (22.6%) and service workers (14.5%) was significant. In contrast, managers (2.1%) and office workers (8.3%) represented relatively smaller proportions.
Additionally, among the elderly, those wishing to work in the future numbered 11.421 million, an increase of 328,000 compared to the same month last year. The rate of hope for future work was 69.4%, the highest ever recorded.
This trend is analyzed to be influenced by increasing life expectancy, pension shortages, and improvements in health. The most common reason for wanting to work was to "contribute to living expenses" (54.4%), followed by many responses indicating that they "find enjoyment in work" (36.1%).
The desired average monthly wage is most commonly over 3 million won (21.5%), followed by 2 million to 2.5 million won (19.4%). By gender, a higher percentage of men preferred over 3 million won (33%), while many women indicated a preference for 1 million to 1.5 million won (21.1%).