Older Workers Outnumber Younger Employees at Top Korean Firms for First Time (Image supported by ChatGPT)
SEOUL, Aug. 5 (Korea Bizwire) — South Korea’s largest companies now employ more workers in their 50s than in their 20s, a demographic shift that underscores slowing youth hiring amid persistent economic headwinds.
As of the end of 2024, employees in their 20s accounted for 19.8% of the workforce at 124 major companies tracked by Leaders Index, a Seoul-based corporate analytics firm. That marks a 1.2 percentage point decline from the previous year—and the first time since the group began compiling data in 2015 that the proportion of 20-something employees has fallen below those aged 50 and older.
Workers over 50 made up 20.1% of payrolls at those firms, up 0.6 percentage point from 2023. It was also the first time the share of employees under 30 dropped below the 20% threshold.
The generational gap was particularly stark in the battery industry. Over the past three years, the share of workers in their 20s fell by 9.7 percentage points, while those aged 50 and above ticked up by 1.2 percentage points. The IT and electronics sector posted similar trends, with the under-30 workforce shrinking by 5.4 percentage points.
“Amid prolonged economic sluggishness, companies have scaled back new hiring, while older employees are delaying retirement,” a Leaders Index official said.
The data reflects broader structural challenges facing South Korea’s labor market, including a greying workforce and fewer entry-level opportunities for younger generations.
M. H. Lee (mhlee@koreabizwire.com)
