Middle-aged individuals in South Korea aspire to continue their economic activity until the age of 69, on average. However, their average retirement age is actually around 50. (Image courtesy of Yonhap)
SEOUL, Nov. 2 (Korea Bizwire) – A recent survey has revealed that middle-aged individuals in South Korea aspire to continue their economic activity until the age of 69, on average. However, their average retirement age is actually around 50.
According to the findings from the 2023 survey on older adults’ job-seeking activities, released by the Tomorrow Center for Older Adults of the Federation of Korean Industries, the average retirement age for middle-aged job seekers is 50.5, with a significant 45.9 percent retiring before the age of 50.
When asked how long they wished to continue working, the average response age was until they were 68.9.
This survey encompassed 949 older adults over 40. Their responses regarding job duration and retirement age were based on the jobs where they had the longest employment.
The survey illustrates that the older the respondents are, the longer they wish to continue their economic activity. Among the respondents, those in their 40s expressed a desire to work until the age of 67.5, while those in their 50s and those aged 60 and above showed an intent to work until 68.9 and 70.8, respectively.
The average length of continuous service was 14 years and five months, with women having an average service duration approximately eight years shorter than men.
Regarding gender, the average length of continuous service was 18 years and four months for men and 10 years and five months for women.
In terms of retirement types, non-voluntary retirements, such as recommended resignation, honorary retirement, and lay-offs, accounted for 56.5 percent of the total, while retirement due to reaching the mandatory age limit remained low at 9.7 percent.
Even if older adults manage to secure reemployment after retirement, they often find themselves in less favorable wage and employment conditions. Among the older adults who reported reemployment experiences after retirement, 66.8 percent mentioned that their wages had declined after reemployment, with a significant 67.4 percent indicating a notable decrease in their earnings.
M. H. Lee (mhlee@koreabizwire.com)
