One in three South Koreans aged 65 and above are now employed. (Image courtesy of Yonhap)
SEOUL, Dec. 24 (Korea Bizwire) — According to life-cycle statistics for 2023 released by Statistics Korea on December 23, one in three South Koreans aged 65 and above are now employed, while about 80% of both young (15-39) and elderly households consist of one or two people.
The administrative data, compiled from various government departments and public institutions, reveals significant shifts in employment patterns across age groups. As of October last year, registered workers included 8.29 million young people, 13.65 million middle-aged workers (40-64), and 3.12 million elderly workers.
The growth in elderly employment was particularly notable, with an increase of 255,000 workers from the previous year, while employment decreased by 190,000 among young people and 78,000 in the middle-aged group. The employment rate for seniors rose to 32.9% from 31.7%, while rates declined slightly for both younger (56.7% from 56.9%) and middle-aged groups (67.6% from 67.9%).
In terms of income, middle-aged workers earned an average of 42.59 million won annually in 2022, a 4.3% increase from the previous year. Peak earnings were observed in the late 40s age group at 47.86 million won. Young workers saw their income rise 6.1% to 29.5 million won, while elderly workers’ income increased 4.3% to 18.46 million won.
The data also highlighted significant demographic trends. Single-person households dominated among young adults at 56.9%, with one or two-person households accounting for over 76% of young households. Similarly, in the elderly population, 81.3% lived in one or two-person households (37.8% single, 43.5% two-person).
Healthcare statistics showed that the elderly population spent an average of 5.2 million won per person on medical care last year, 2.6 times higher than middle-aged adults. The most common outpatient treatment among seniors was for gingivitis and periodontal disease, while cataracts led inpatient treatments.
The report also revealed concerning health statistics, with cancer being the leading cause of death among both elderly (22.5%) and middle-aged (34.4%) groups. Notably, suicide accounted for 45.4% of deaths among young people.
In terms of property ownership, 44.9% of middle-aged adults owned homes, compared to just 11.5% of young adults. The middle-aged group also carried higher financial debt, with an average loan balance of 60.34 million won, significantly exceeding that of both younger (37.12 million won) and elderly (33.14 million won) groups.
M. H. Lee (mhlee@koreabizwire.com)
