South Korea's older workforce tops 10 million for first time
· UPIAug. 5 (Asia Today) -- The number of employed South Koreans ages 55 to 79 surpassed 10 million for the first time as inadequate pension income continued to push many older people to remain in the workforce.
The number of employed people in the age group reached 10.12 million in May, up 345,000 from a year earlier, according to a supplementary survey released Wednesday by the National Data Agency.
The total population ages 55 to 79 rose by 570,000 to 17.01 million. The group's labor force participation rate remained unchanged at 60.9%, while its employment rate held steady at 59.5%.
South Korea's older workforce stood at 9.78 million in May 2025, meaning it expanded by about 345,000 over the following year.
Among those surveyed, 11.78 million, or 69.2%, said they wanted to continue working. Their desired retirement age averaged 73.6, up 0.2 year from 2025.
The most common reason for wanting to work longer was to supplement living expenses, cited by 53.4%. Another 36.7% said they wanted to continue because they enjoyed working.
The most frequently selected desired monthly wage was at least 3 million won, or about $2,010, accounting for 23.3% of respondents.
That was followed by 2 million won to less than 2.5 million won, or about $1,340 to $1,680, at 18%; 1.5 million won to less than 2 million won, or about $1,010 to $1,340, at 15.8%; and 1 million won to less than 1.5 million won, or about $670 to $1,010, at 14.5%.
Another 14.2% sought monthly wages of 2.5 million won to less than 3 million won, or about $1,680 to $2,010.
Pension income falls short of living costs
The survey showed that pension income remained well below the amount needed to cover basic living expenses.
About 8.96 million people, or 52.7% of the older population, received pension income during the preceding year. The proportion increased 1 percentage point from a year earlier.
Their average monthly pension payment was 880,000 won, or about $590, up 2.1% from the previous year.
That was slightly more than half of the 1.54 million won, or about $1,030, identified in the article as the minimum monthly living cost for a one-person household.
Payments of 250,000 won to less than 500,000 won, or about $170 to $340, were the most common, accounting for 37.7% of pension recipients.
Another 33.2% received 500,000 won to less than 1 million won, or about $340 to $670, while 15.9% received at least 1.5 million won, or about $1,010.
For comparison, the average pension payment among the same age group was 860,000 won in 2025, when 51.7% received pension income.
Longest-held jobs averaged more than 17 years
Among older people with employment experience, 30.5% were still working at the job they had held for the longest period, up 0.4 percentage point from a year earlier.
The average length of service in their longest-held job was 17 years and 7.1 months, an increase of 0.5 month.
Men remained in their longest-held jobs for an average of 21 years and 8.6 months, compared with 13 years and 7.1 months for women, a gap of more than eight years.
People who had worked 10 years to less than 20 years accounted for the largest share at 28.7%. Those who had worked at least 30 years accounted for 22.5%, followed by those with 20 years to less than 30 years at 19.9%.
The proportion with 10 years to less than 20 years of service declined by 0.2 percentage point from the previous year.
Among those who had already left their longest-held job, the average age at departure was 53, up 0.1 year.
Business difficulties, halted operations and temporary or permanent closures were the leading reasons for leaving, cited by 24.9%. Health problems accounted for 22.1%, followed by family caregiving at 15.2%.
-- Reported by Asia Today; translated by UPI
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Original Korean report: https://www.asiatoday.co.kr/kn/view.php?key=20260805010001582