Features

50 is the new 20 for South Korean workers, data shows

 A woman shops at a store selling small-sized products for a single-person household, at a department store in Seoul. Statistics Korea revealed that workers in their 50s have outnumbered those in their 20s last year. – Reuters pic, November 28, 2014. A woman shops at a store selling small-sized products for a single-person household, at a department store in Seoul. Statistics Korea revealed that workers in their 50s have outnumbered those in their 20s last year. – Reuters pic, November 28, 2014.Workers in their 50s outnumbered those in their 20s last year in South Korea, home to the world's fastest-ageing population, data showed yesterday.

People in their fifties accounted for 18.3% of the 16.5 million South Koreans with jobs in 2013, just shading the 18.2% of those in their 20s for the first time since the government began compiling the data in 2011, Statistics Korea said.

A year earlier, twenty-somethings held 19% of the jobs in South Korea, while those in their fifties accounted for 17.6%.

A government official attributed the rising share of older workers to an ageing population, with former retirees returning to the labour force for financial reasons.

Nearly half of older South Koreans live in poverty, and many take low-paying jobs in order to make ends meet.

The overall number of working-age people in Asia's fourth-largest economy is on track to decline from 2017, according to the Organisation for Economic Co-operation and Development.

South Korea also has one of the world's lowest birth rates, a growing burden on the economy as the number of retirees grows rapidly. – Reuters pic, November 28, 2014.

Comments