SEOUL, March 19 (Korea Bizwire) — The number of working South Koreans aged 60 and above has more than doubled in the past 10 years due to higher living costs amid a global economic slowdown, government data showed Sunday.
The number of working Koreans aged 60 and older jumped to 5.77 million in February from 2.73 million in the same month of 2013, according to Statistics Korea’s Korean Statistical Information Service (KOSIS).
The figure of 5.77 million was the highest for a February since KOSIS began to compile related data in 1996. The latest February figure is up 413,000 from a year earlier.
Most baby boomers born between 1955 and 1963 have turned 60, pushing up the number of the elderly seeking jobs. Some of them need to work due mainly to rising consumer prices, KOSIS said.
In the past 10 years, the employment rate among those aged 60 and older has continued to rise, reaching 42.8 percent in February from 32.8 percent a decade ago.