The number of people ages 70 and older has surpassed the number of people in their 20s. It is the first time since 1925, when age-specific population statistics were compiled.
According to the National Data Office (formerly Statistics Korea) on the 12th, the population in their 20s last year was 6,302,000, down 193,000 from a year earlier. That is 241,000 fewer than the population ages 70 and older (6,543,000).
The decline in the population in their 20s was the largest among all age groups. Those under age 10 (-192,000) and those in their 40s (-169,000) followed.
The population in their 20s has fallen for four consecutive years after reaching 7,030,000 in 2020. It decreased by as few as 140,000 and as many as 210,000 each year. As a result, for the first time in 100 years since related statistics were compiled, it was lower than the population ages 70 and older.
Among adult age groups, people in their 20s are the fewest. By age group, those in their 50s (8,713,000) are the most, followed by those in their 40s (7,809,000) and those in their 60s (7,791,000).
As the overall population shrinks, the share of people in their 20s in the labor market is declining. In August this year, the employment rate for people in their 20s was 60.5%, down 1.2 percentage points from a year earlier. Since August last year, it has fallen or stayed flat for 12 consecutive months.
In the same month, the unemployment rate for people in their 20s was 5.0%. That was up 1.0 percentage point from the same period a year earlier, the highest for August in three years since 2022 (5.4%).
It is also seen that large corporations increasing ad hoc hiring over open recruitment has fueled the trend. According to a survey by The Federation of Korean Industries of the top 500 corporations by revenue, 28.1% of college-educated entry-level hires in the second half of this year were experienced hires. That was up 2.3 percentage points from last year.