Seoul: The number of senior citizens engaged in economic activities in South Korea has reached an unprecedented level this year, as revealed by government data on Wednesday. Of the 16.44 million people aged between 55 and 79, 60.9 percent were found to be economically active as of May, marking a 0.3 percentage point increase from the previous year.
According to Yonhap News Agency, the data compiled by Statistics Korea includes both those currently employed and those actively seeking employment. The number of employed seniors rose by 344,000 from the previous year, reaching a total of 9.78 million, while the employment rate among this age group climbed to 59.5 percent, also a record high, with a 0.5 percentage point increase from a year earlier.
The increase in economically active seniors was largely attributed to the growing number of people employed in the health care and social welfare service sector, which accounted for 13.7 percent of all employed seniors. Additionally, 69.4 percent of seniors expressed a desire to continue working or start working in the future.
The data also indicated that 51.7 percent of the senior population received a pension, showing a 0.5 percentage point increase from the previous year. On average, they received 860,000 won (US$619) per month, which is a 5 percent increase compared to the previous year.
South Korea is facing rapid aging coupled with a persistently low birthrate. As of December 2024, individuals aged 65 and older constituted more than 20 percent of the nation's population, officially classifying South Korea as a super-aged society.