Among South Korean individuals between the ages of 55 and 79 who are receiving pensions, close to one-third have expressed a desire to work to make ends meet. (Image courtesy of Yonhap)
SEJONG, Oct. 31 (Korea Bizwire) – Among South Korean individuals between the ages of 55 and 79 who are receiving pensions, close to one-third have expressed a desire to work to make ends meet.
Half of the older individuals receiving pensions are currently employed, and this proportion increases even further among those who are not recipients of pensions.
Statistics Korea conducted a supplementary survey focusing on older adults in the economically active population. Data released on Monday revealed that more than half of pensioners are interested in working. Out of the 7.78 million seniors who reported receiving pensions as of May, 4.79 million expressed a desire to work, making up 61.6 percent of this group.
Among these, 2.48 million (31.9 percent) mentioned a desire to work as a means to support their living expenses.
Surprisingly, a third of retirees still wish to work to improve their financial situation, despite already receiving a pension.
This motivation is followed by the desire for ‘enjoyment of work’ (1.83 million – 23.6 percent), working ‘for free’ (247,000 – 3.2 percent), and ‘to maintain physical fitness’ (135,000 – 1.7 percent).
In fact, more than half of older adults receiving pensions are currently employed. Out of the 7.78 million pension recipients, 3.98 million are engaged in work, accounting for 50.2 percent. In comparison, five years ago only 45.4 percent (1.22 million) were employed, indicating a 6.4 percentage point increase.
Despite a steady rise in the number of elderly people receiving pensions, the level of financial support provided is often insufficient to meet their basic needs.
According to the most recent ‘Pension Statistics Development Results’ published by Statistics Korea, the average monthly pension for South Koreans aged 65 and above in 2021 amounted to 600,000 won. This represents a significant 41.8 percent increase from the 2016 figure of 423,000 won.
However, this amount falls short of covering even half of the minimum living expenses required for a basic standard of living in old age. The National Pension Service estimated that the minimum cost of living for an elderly individual in 2021 was 1,243,000 won.
It’s worth noting that there is a higher inclination to work among elderly individuals who have not yet started receiving pensions, with 5.88 million people (75.4 percent) expressing a desire to work out of the 7.69 million individuals aged 55 to 79 who were not already pension recipients.
M. H. Lee (mhlee@koreabizwire.com)
