Record Number of South Koreans Aged 60 and Above in Employment, Highlighting Aging Society Challenges
Seoul, South Korea — August 26 — The proportion of South Koreans aged 60 and above in employment has reached an all-time high this year, according to data released by the Small and Medium Business Administration (SMBA) and the Statistics Korea on August 26. However, the majority of these older workers are engaged in temporary and livelihood-based jobs.
According to the statistics, the average number of employed individuals aged 60 and over from January to July stood at 6.399 million, accounting for 22.4% of the total employed population. This figure, both in terms of numbers and percentage, marks a new record. In comparison, in 2021, the same age group made up 19.5% of the employed population, increasing to 20.4% in 2022 and reaching 21.6% last year. The current percentage is a 4.1-fold increase from 1984, when it was just 5.4%.
Notably, the data also revealed that in the January to May period, 60-year-olds and above established 65,000 businesses (excluding real estate), comprising 13.6% of all new startups. The overall number of startups in the country during this time was 476,000, a 1.8% decrease from the previous year. Despite this decline, the number of startups by those aged 60 and over grew by 9%, indicating their growing presence in the entrepreneurial landscape. Since 2016, the number of startups by this age group has surged by a staggering 108%, while the overall startup count increased by 22.8% over the same period.
The aging population is cited as a key driver behind the growth in older workers and entrepreneurs. As of last month, South Korea’s registered resident population stood at 51.265 million, with those aged 60 and over comprising 14.241 million, or 27.8% of the total population. This translates to one in every four residents being above 60 years old.
Experts argue that it is crucial for society to more actively leverage the work experience and entrepreneurial expertise of older individuals. South Korea’s aging demographic poses significant social and economic challenges, with the government and private sector grappling with ways to maintain productivity and support a growing elderly population that is remaining active in the workforce.
In related news, the country has seen a consistent rise in the proportion of older workers in recent years. The government has introduced policies to encourage continued employment and entrepreneurship among this demographic, recognizing the need to address the demographic shift and its potential impact on the economy.
The labor market trends also highlight the need for more flexible work arrangements, retraining programs, and support for older entrepreneurs to help them adapt to changing economic conditions. As the proportion of older workers increases, policymakers are under pressure to ensure that their contributions are valued and that they have access to secure and fulfilling job opportunities.
In conclusion, South Korea’s aging population is driving a new era of mature employment and entrepreneurship, with older citizens playing an increasingly significant role in the economy. The government and private sector must work together to create an environment that fosters the continued participation of these experienced workers and entrepreneurs, mitigating the potential negative effects of an aging society on economic growth and social stability.
About the Author:
As a seasoned journalist and editor, with a background at Xinhua News Agency, People’s Daily, CCTV, The Wall Street Journal, and The New York Times, the author brings a wealth of experience in reporting on various topics, including economic trends, social issues, and global affairs. With a focus on delivering accurate and insightful information, the author continues to contribute to the understanding of complex topics like the aging workforce in South Korea.
【source】https://cn.yna.co.kr/view/ACK20240826001300881?section=news&input=rss
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