SEJONG, Feb. 16 (Korea Bizwire) – For the first time, the number of self-employed individuals over the age of 60 in South Korea has surpassed the two million mark. This significant milestone, primarily attributed to a sharp increase in seniors entering the transportation sector, including personal taxi and delivery services, reflects a broader trend of older [...]
SEOUL, Nov. 22 (Korea Bizwire) — Yoon Sang-ki, 75, smiled when his mentor, a middle schooler around the age of his grandchildren, approved of the answer he had carefully written down on his math worksheet during a recent tutoring session offered at Jin Hyung Middle and High School in central Seoul. “I’ve waited nearly 60 [...]
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 [...]
SEOUL, Aug. 24 (Korea Bizwire) – An increasing number of South Korean seniors are opting to begin receiving national pension payments earlier than the legal standard, with the cumulative count expected to surpass 1 million individuals. According to a report from the National Pension Research Institute, the count of senior citizens opting for early pension [...]
SEOUL, Aug. 4 (Korea Bizwire) — One in 5 South Korean seniors over 65 years of age lives alone, with each of them earning less than seniors in households where two or more seniors live together, data showed Thursday. According to data from Statistics Korea, there were 1.97 million single-person households among the senior population [...]
SEOUL, Aug. 2 (Korea Bizwire) — The number of elderly citizens seeking refuge from the stifling summer heat in subway stations or on subway trains due to financial difficulties is on the rise. According to Seoul Metro, the city-run operator of the subway system in Seoul, 14.68 million elderly citizens over 65 used subway lines [...]
SEOUL, July 11 (Korea Bizwire) — South Korean firms prefer to reemploy seniors instead of simply letting them retire, a major business association said Monday. The Korea Enterprises Federation conducted a survey of 1,047 companies employing over 30 individuals, of which 67.9 percent expressed a preference for reemploying retiring personnel. In contrast, 25 percent chose [...]
SEOUL, June 27 (Korea Bizwire) — The relative poverty rate among retired seniors in South Korea is the highest among all Organization for Economic Cooperation and Development (OECD) member states, data showed Monday. According to data released by Statistics Korea, the relative poverty rate for South Korean seniors aged over 66 was 43.2 percent in [...]
SEOUL, June 16 (Korea Bizwire) – The expanding proportion of seniors since the mid-1990s has exacerbated income inequality among households nationwide, the central bank said Thursday. South Korea’s Gini coefficient for market income gradually increased for older age groups until individuals reached their 50s, but it experienced a significant spike among individuals in their 60s [...]
SEOUL, June 16 (Korea Bizwire) — South Koreans aged 65 and above are set to make up 46.4 percent of the total population in 2070, data showed Friday, a projection that shows rapid population aging amid the country’s critically low birthrate. The figure marks a sharp rise from the 18.4 percent estimated for this year, [...]