Over 50 percent of individuals aged 65 to 79, who have surpassed the legal retirement age of 60, express a strong desire to continue working. (Image courtesy of Yonhap)
SEOUL, Dec. 4 (Korea Bizwire) – In a recent survey conducted by the Korean Employment Information Service (KEIS), it has been revealed that over 50 percent of individuals aged 65 to 79, who have surpassed the legal retirement age of 60, express a strong desire to continue working. Surprisingly, approximately 1 in 5 of these individuals has actively sought employment within the past year.
According to the Employment Trend Brief on the Economic Activities and Retirement Preparations of the Elderly, released by the KEIS on December 3, 65.7 percent of seniors aged 65 to 79 expressed a willingness to continue working, based on supplementary data from the May 2022 Statistics Korea Economic Activity Population Survey for the elderly.
Breaking down the demographics, the report highlights that the desire to keep working among those aged 65 to 79 has increased by 0.9 percentage points from last year, reaching 55.7 percent. Compared to a decade ago in 2013, this figure has seen a significant surge of 12.1 percentage points.
Unsurprisingly, gender plays a role in these preferences, with 65.4 percent of men expressing a desire to continue working compared to 47.3 percent of women. Additionally, respondents with higher levels of education were more inclined to express a desire for continued employment.
The primary motivation for wanting to remain in the workforce was financial, with 52.2 percent citing the need for additional income to support their livelihoods. Another significant factor, mentioned by 38 percent of respondents, was the enjoyment derived from working and the desire to stay active as long as health permits.
Notably, the survey also delved into the employment experiences of these elderly individuals. It found that 18.6 percent of those aged 65 to 79 had engaged in job-seeking activities within the past year. Although this represents a slight decrease from last year’s figure of 19.2 percent, it is a significant increase from a decade ago when only 11.7 percent were actively seeking employment.
Breaking down the job-seeking demographics, 18.9 percent of men and 18.4 percent of women aged 65 to 79 had actively sought employment opportunities in the past year. Furthermore, individuals with lower levels of education were more likely to have engaged in job-seeking activities.
Despite the growing desire among the elderly to remain active in the workforce, the employment landscape for this demographic remains challenging. The Ministry of Employment and Labor’s “2022 Survey on Labor Conditions by Employment Type” revealed that the monthly total working hours for non-regular workers aged 60 and above were higher (114.6 hours) than the overall non-regular workers (111.7 hours).
However, their hourly wage was lower, amounting to 16,575 won compared to the overall non-regular workers’ 17,233 won.
M. H. Lee (mhlee@koreabizwire.com)
