Senior job seekers looking at a bulletin board containing information on job posts at a job fair held in the southeastern port city of Busan. (Yonhap)
SEOUL, Nov. 1 (Korea Bizwire) — The recent spike in the number of seniors returning to the labor market reflects a deteriorating quality of life led by rising consumer prices, a central bank report said Monday.
The Bank of Korea report said that the number of seniors over 60 years of age who got new jobs between 2010 and 2021 grew to 2.67 million people, accounting for 82 percent of the overall rate of increase in the number of new hires.
Also, while the overall employment rate grew slightly from 58.9 percent in 2010 to 60.5 percent in 2021, the employment rate among seniors jumped significantly from 36.2 percent to 42.9 percent over the same period.
The report attributed the increase to a reduction in the amount of remittances seniors receive from their children amid a rapid increase in the cost of living.
In 2008, 76 percent of seniors were receiving remittances of 2,514,000 won (US$1,760) on average every month from their children. In 2020, 65.2 percent received no more than 2,071,000 won.
In contrast, real consumer spending among seniors grew by 29.2 percent from 2012 to 2021, particularly the amount they spent on food and housing, exceeding the national increase in consumption (7.6 percent).
With more cases of their spouses getting a job, many seniors are opting for retirement within a similar period.
Other demographic and social factors like the improvement in health conditions among seniors are also encouraging more seniors to jump into the labor market.
The increase rate of employment was starker among seniors without non-labor income and those in the low-income tier.
M. H. Lee (mhlee@koreabizwire.com)
