Number of working Koreans aged 55 to 79 surpasses 10 million

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Number of working Koreans aged 55 to 79 surpasses 10 million

Published: 06 Aug. 2025, 17:07 Updated: 06 Aug. 2025, 19:37

Audio report: written by reporters, read by AI

Job seekers look at notices posted at a job fair in Suwon, Gyeonggi, on July 9. [NEWS1]

The number of Koreans aged 55 to 79 participating in the labor force has surpassed 10 million for the first time since records began.

Seven out of 10 in this age group said they want to continue working, with their desired retirement age averaging 73.4. However, they are actually retiring from their main jobs far earlier — at an average age of just 52.9.

These figures were released Wednesday in a Statistics Korea report with a title that roughly translates to Supplementary Results of the Economically Active Population Survey for the Elderly.

As of May this year, the population of people aged 55 to 79 stood at 16.647 million, with 10.01 million classified as economically active — an increase of 328,000 from the previous year. This is the first time that the economically active population in this age group has surpassed 10 million since data collection began in 2005. The economically active population includes both employed and unemployed individuals who are actively seeking work.

Among those 10.01 million, 9.78 million were employed — an increase of 344,000 compared to the previous year. Both the labor force participation rate, which stood at 60.9 percent, and the employment rate, which was 59.5 percent, hit record highs.

Job seekers look at notices posted at a job fair in Suwon, Gyeonggi, on July 9. [WOO SANG-JO]

Roughly 69.4 percent of older adults said they hoped to continue working. Their desired age of employment was 73.4 — up a tenth of a year from last year and the highest figure since the survey began in 2011. The primary motivation was financial: 54.4 percent cited the need to offset living expenses, followed by 36.1 percent who said they enjoyed working.

Low pension benefits appear to be a major reason many older people are delaying retirement. Only 51.7 percent of respondents received any pension in the past year, and the average monthly payment was 860,000 won ($620), far below the median monthly income for a single-person household this year — 2,564,238 won.

Despite their desire to work longer, older Koreans are leaving their primary jobs even earlier. Only 30.1 percent were still employed in the job they had held the longest, while 69.9 percent had already left. The average age at which they retired from those positions was just 52.9 — up 0.1 years from last year, but still well below the official retirement age of 60. It is also lower than it was 20 years ago, when the average retirement age was 53.2.

Job seekers look at notices posted at a job fair in Suwon, Gyeonggi, on July 9. [WOO SANG-JO]

The average length of service in one’s primary job has also decreased — from 20 years and nine months in 2005 to 17 years and seven months this year. The most commonly cited reason for leaving was “business downturn, production stoppage or closure,” accounting for 25 percent. Only 13 percent left due to reaching retirement age.

The data also highlights the difficulty older workers face in finding quality employment after leaving their main job. Of the 9.78 million older people currently employed, 2.214 million — or 22.6 percent — are engaged in simple labor roles, making it the largest occupational category.

Politicians and policymakers continue to debate raising the official retirement age from 60 to 65. Although more seniors want to keep working, only 13 percent remain in their primary jobs until the mandatory retirement age — prompting calls for deeper societal discussions on the issue.

“The extension of the retirement age is an unavoidable task, both in terms of filling income gaps for older adults and stabilizing pension finances,” the National Assembly Research Service said in a recent report. “Customized policies that reflect the size of businesses, as well as measures to protect youth employment, must go hand in hand.”

Translated from the JoongAng Ilbo using generative AI and edited by Korea JoongAng Daily staff.
BY KIM YEON-JOO [[email protected]]