At the 2025 Hanam Job Fair, an elderly job seeker is receiving employment counseling. (Image courtesy of Yonhap)
SEJONG, August 6 (Korea Bizwire) — South Korea’s elderly workforce continues to grow, with the number of economically active people aged 55 to 79 surpassing 10 million for the first time, fueled by longer life expectancies, rising living costs, and inadequate pension income, according to new government data released Tuesday.
The report, published by Statistics Korea, shows that as of May 2025, the country had 10.01 million economically active older adults—defined as employed or actively seeking work—an increase of 328,000 from a year earlier. This marks the highest figure since records began in 2005.
The total elderly population in this age group reached 16.44 million, representing 36% of the country’s population over age 15. Employment among older adults also hit a record high: 9.78 million were employed, up by 344,000 from the previous year. The labor force participation rate climbed to 60.9%, while the employment rate stood at 59.5%.
Most older workers were concentrated in health, social welfare, and manufacturing sectors. The largest share of jobs held were in low-skilled labor (22.6%) and service roles (14.5%), while few occupied managerial (2.1%) or office positions (8.3%).
Despite their continued presence in the workforce, most older South Koreans are no longer employed in the jobs they held longest during their careers. Only 30.1% remain in their longest-held roles, with the majority having exited by an average age of 52.9. The main reasons for leaving were business closures (25%), health issues (22.4%), and caregiving responsibilities (14.7%).
(Image courtesy of Yonhap)
Meanwhile, just over half (51.7%) of the elderly population receives a pension, with an average monthly payout of ₩860,000 (roughly $660)—far below the ₩1.36 million minimum monthly cost of living for seniors estimated by Korea’s National Pension Research Institute.
As a result, 69.4% of older Koreans said they want to continue working, with many hoping to remain in the labor market until an average age of 73.4—the highest level since the survey began in 2011. The primary motivation was to supplement living expenses (54.4%), followed by the enjoyment of work (36.1%).
The most desired wage level among these respondents was ₩3 million ($2,300) or more per month, a preference that has grown compared to last year.
The data underscores a structural issue in South Korea’s aging society, where pension systems have failed to keep pace with longevity and cost-of-living pressures—pushing more seniors to remain in or re-enter the labor force well into their seventies.
Lina Jang (linajang@koreabizwire.com)
