The number of employed people ages 55 to 79 surpassed 10 million for the first time this year. As of May, the total number of employed people in Korea fell by 40,000 from a year earlier, but the number of employed older adults increased by more than 340,000.
◇ Overall employment fell by 40,000, but older employment rose by 340,000
According to the "supplementary survey on older adults in the economically active population survey" that the Ministry of Data and Statistics (MODS) released on the 5th, the number of employed older adults in May was 10,125,000, up 345,000 from the same month a year earlier. Older adults accounted for 34.8% of all employed people. More than one in three employed people was 55 or older.
Of the increase in employed older adults (345,000), 95% were ages 65 to 79. The number of people ages 55 to 64, considered middle-aged, rose by only 20,000.
This appears to be due mainly to an increase in care jobs. Of the increase in employed older adults, 45% (155,000) were in health care and social welfare services. It is seen as the result of growing demand for "nono care" (older adults caring for older adults) and "child care." However, those who receive "grandchild care allowances" provided by some local governments, including the Seoul city government, and provide care are not counted as employed.
◇ People quit jobs at 53, but "want to work until 74"
Only 13.2% left the job they had held the longest due to "mandatory retirement." Business downturns, production stoppages, or closures accounted for 24.9%, deteriorating health for 22.1%, and family care for 15.2%.
There was found to be a gap of more than 20 years between when older adults leave jobs and when they hope to work. The average age at the time of leaving the job they had held the longest was 53. Meanwhile, the average age at which those who hope to work in the future want to be employed was found to be 73.6.
The most cited reason was "to help with living expenses" (53.4%), followed by "the joy of working" (36.7%) and "because I am bored" (4.3%). Compared with last year, the share of those who want to work to help with living expenses fell by 1 percentage point (p), while those who cited the joy of working rose by 0.6 percentage point (p).
Despite this, job training remains insufficient. Over the past year, the number of older adults who took part in vocational competency development training fell from 2,246,000 to 2,180,000, a decrease of 66,000 in a year. The share of older adults participating in job training fell 0.9 percentage point, from 13.7% to 12.8%. Government infrastructure for job transitions and retraining is failing to keep up with demand.