SEOUL, Dec. 3 (Korea Bizwire) — Thirty-one percent of people aged 65 or older held low-wage jobs, such as cleaners or security guards for flats, last year after their retirement, a report said Monday.
The report by state-run Korea Development Bank showed a rising poverty rate among elderly people in fast-aging South Korea, already highest among members of the Organization for Economic Cooperation and Development (OECD).
Elderly men who held low-wage jobs after their retirement quit at an average age of 72.9, while elderly women quit the jobs at an average age of 73.1, which were also the highest among OECD members.
The report urged the government to consider raising the nation’s retirement age and raising a budget allocated for retirement planning.
South Korea has a high elderly employment rate as many seniors work to help cover their living costs. As of 2015, the employment rate of South Koreans aged 65 or older reached 30.6 percent, the second highest among OECD members after Iceland’s 38.7 percent. The OECD average stood at 13.8 percent.
South Korea’s poverty rate for the elderly is also high as many seniors land low-paying jobs. The rate came to 63.3 percent in 2015, the highest among OECD nations.