Nearly 70% of South Korea’s aging population, comprising individuals aged 55 to 79, express a desire to continue working. (Image courtesy of Yonhap)
SEJONG, Jul. 31 (Korea Bizwire) – A recent survey has revealed that nearly 70% of South Korea’s aging population, comprising individuals aged 55 to 79, express a desire to continue working.
This demographic, approaching 16 million people, showcases a strong inclination towards prolonged participation in the workforce.
Statistics Korea released these findings on July 30, as part of its May 2024 Economically Active Population Survey: Supplement for the Elderly.
As of May of this year, the population aged 55-79 reached 15,983,000, an increase of 502,000 from the previous year, representing 35.1% of the population aged 15 and above.
Among this group, 11,093,000 individuals, or 69.4%, expressed a desire for future employment – a 0.9 percentage point increase from last year.
The propensity to work varied significantly based on employment status. An overwhelming 93.2% of those who were employed wished to continue working, compared to 36.8% of the unemployed with previous work experience, and only 7.7% of those who had never been employed.
While financial necessity remains the primary motivation for continued employment, cited by 55% of respondents, there’s a growing trend of individuals working for personal satisfaction, with 35.8% citing the enjoyment of work as their main reason.
Nearly 70% of South Korea’s aging population, comprising individuals aged 55 to 79, express a desire to continue working. (Image courtesy of Yonhap)
Interestingly, the criteria for job selection are shifting. For the first time, over 30% of potential workers prioritize the amount and timing of work over salary considerations (20.2%). This indicates a growing preference for flexible work arrangements among older workers.
On average, those willing to work expressed a desire to continue until the age of 73.3 years.
The survey also highlighted significant changes in employment patterns. The health and social welfare sector has, for the first time, surpassed the traditionally dominant agriculture, forestry, and fisheries sector as the largest employer of older workers.
The number of elderly workers in health and social welfare increased by 126,000 to 1.21 million, accounting for 12.8% of all elderly workers.
Other sectors showing notable increases in elderly employment include manufacturing, transportation and warehousing, and various service industries.
The average tenure at the longest-held job increased to 17 years and 6.1 months, up 2.1 months from the previous year. The average age at which individuals left their longest-held job rose slightly to 52.8 years.
Regarding pensions, 51.2% of the elderly population reported receiving pension payments over the past year, with an average monthly amount of 820,000 won.
A significant gender disparity was noted, with men receiving an average of 1.06 million won compared to women’s 570,000 won.
M. H. Lee (mhlee@koreabizwire.com)
