A significant majority of South Korean seniors wish to work past the traditional retirement age, as revealed in a government report.

Recently, Statistics Korea published its annual "Economically Active Population Evaluation Elderly Supplemental Report" for 2023.

The report highlighted the government's main findings regarding the economic activities of Korea's senior population, defining "seniors" as individuals aged 55 to 79.

It was noted that 60.2% of the current senior population participates in the labor market, crossing the 60% mark for the first time since 2005.

This data indicates that three out of every five seniors in Korea continue to work despite their age.

A closer examination of the data provides insights into age-related variations.

Seniors aged 55 to 64 recorded a labor participation rate of 72.4%, which is not significantly different from that of those in the 30 to 40 age group.

Meanwhile, those aged 65 to 79 reported a labor participation rate of 46.1%, which is still nearly half despite their age.

The total senior population in the age range of 55 to 79 is 9.32 million.

When accounting for seniors who expressed a desire to work, this number increases to 10.60 million.

Experts suggest that the high senior labor participation rate in Korea stems partly from insufficient pension provisions.

Currently, only 50.3% of all seniors aged 55 to 79 receive pensions.

Among them, the average pension amount is approximately ₩750,000.

Considering Korea's high cost of living and the impact of inflation, these pension amounts are inadequate and unreliable for many seniors.⁠ ⁠ ⁠ ⁠ ⁠

Reflecting this trend, surveys report that seniors anticipate working longer as they age.

Seniors in their late 50s consider working until they reach 70.⁠ ⁠ ⁠ ⁠ ⁠

Those in their early 60s contemplate working until 72, and seniors in their late 60s anticipate working until 75.⁠ ⁠ ⁠ ⁠ ⁠

By their late 70s, surpassing earlier expectations, the average senior even thinks about working until 82.

Unfortunately, however, simply working longer cannot guarantee financial stability.

Indeed, many senior laborers receive low wages.⁠ ⁠ ⁠ ⁠ ⁠

According to data from the Korea Finance Committee, 45.5% of senior laborers over 60 earn wages below the minimum wage.

This indicates that a little less than half of all elderly workers receive less than ₩9,860.

Worse still, this trend is projected to continue into the future.⁠ ⁠ ⁠ ⁠

"Quality jobs for the aging population are limited. The better positions are often filled by younger people first," claims Professor Park Ji-Soon from Korea University.

Park anticipates that the ongoing changes in Korea's demographics and labor market will "[push] the elderly towards the remaining low-wage, simple, and short-term jobs."

In conclusion, though many seniors are driven to work due to insufficient pensions, they often end up in unskilled jobs that offer only insufficient wages. ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠

For some, this situation sparks calls for governmental intervention; for others, the focus is on wage increases.

Regardless of the preferred solution, it is evident that this issue demands greater attention.

Hoseok (Chris) Ahn

Grade 12

Asia Pacific International School