The signboards of small shops in Myeongdong, downtown Seoul (Yonhap)
SEOUL, Dec. 30 (Korea Bizwire) — The number of business owners in their 60s and over sharply increased last year as the number of people starting their own businesses after retirement has increased.
According to a report released by Statistics Korea on Tuesday, the number of private businesses totaled 4.18 million last year, up 1.8 percent or 72,000 from a year ago.
Of the total, the number of businesses headed by owners over 60 years of age stood at 962,000, up 3.7 percent or 35,000 from a year before.
“Unlike the past when older people used to rest after retirement, they now tend to start their own business after retirement,” said Kim Sang-jin, the head of the economic research department at the Statistics Korea.
By owner age, those in their 50s accounted for the largest share of 34.6 percent or 1.44 million among the total number of private businesses, up 1.9 percent or 27,500 year on year.
In the meantime, the number of people who are working for private businesses stood at 22.7 million last year, up 2.2 percent or 482,000 from a year ago.
By industry, the number of private businesses increased across the entire spectrum of industries, excluding mining (down 7.3 percent or 139).
The number of accommodation and restaurant businesses rose by 2.5 percent or 19,000, while transportation and property businesses grew by 2.2 percent and 5.3 percent, respectively.
J. S. Shin (js_shin@koreabizwire.com)
