SEJONG, Dec. 9 (Korea Bizwire) — Workers in South Korea hit the highest average annual earnings at the age of 41 in 2016, data showed Monday, with the labor income of the elderly also showing a steady rise.
People aged 41 earned the highest average annual labor income of 32.09 million won (US$26,977) in 2016, according to the data released by Statistics Korea.
The total labor income stood at 842.1 trillion won in 2016, up 4.5 percent from a year ago. The labor income for people aged above 65 rose 0.8 percent on-year to 21.7 trillion won in 2016.
As South Korea’s population is rapidly aging, the data indicated that more elderly people engaged in labor.
South Korea became an aged society in 2017, when the proportion of those aged over 65 years reached over 14 percent of its entire population.
The country is projected to become a super-aged society in 2025, when the proportion is expected to hit 21 percent.
The labor income for people aged between 15 and 64 stood at 820.4 trillion won in 2016, accounting for 97.4 percent of the total labor income.
Working-age adults showed the high figure of consumption, according to the data.
Public consumption stood at 548.7 trillion won for people aged between 15 and 64 in 2016.
Public consumption for children aged between 0 and 14 stood at 68.7 trillion won in 2016, while that for the elderly marked 69.7 trillion won.
In 2016, children reported a life cycle deficit of 130.6 trillion won in 2016, and the elderly recorded a life cycle deficit of 92.4 trillion won.
On the other hand, working-age adults recorded a life cycle surplus of 112.7 trillion won, the data showed.