Working population aging rapidly
By Chung Ah-young
A record number of Koreans aged 50 or over are either working or searching for a job, government data showed Tuesday.
According to Statistics Korea, the economically active population aged 50 and older stood at 10.11 million in the third quarter, up 3.7 percent from a year earlier.
This is the first time that the number of economically active 50-somethings and older has breached the 10 million mark, it said.
The economically active population refers to the number of people aged 15 to 64 who are either employed or actively seeking employment. The total economically active population reached 27.1 million in the third quarter.
Analysts say the figure reflects tight household finances and a bleak job market that leaves older people competing with younger jobseekers for low-paid, precarious positions.
In contrast, the working population aged 39 or below has dropped 0.2 percent from 10.23 million to 10.07 million during the same period.
The data indicates that the nation’s major labor force has been shifting from people in their 30s to those in their 50s, with the country aging.
Back in 2005, the working population aged 50 or older stood at 6.28 million, representing 26.3 percent of the total economically active population. This year, they accounted for 37.2 percent.
On the contrary, the working population of those under 40 reached 11.1 million in 2005, representing 46.5 percent of the total. But this year, that number fell to 37.6 percent.
Analysts said that the working population aged 50 or above will soon outnumber those who are 39 or younger.
Excluding those seeking jobs, the 50-and-older population who are currently employed, at 9.88 million, has already surpassed the young population in their 30s or younger, at 9.67 million, for the first time.
The demographic shift in the workforce reflects the societal change due to a low birthrate and aging population, as Korean baby boomers who were born between 1955 and 1963 joined the 50-something club.
“Baby boomers have to continue to work even after they’re done supporting their children’ university education,” said Lee Jun-hyup, a researcher of the Hyundai Research Institute. “Also, young jobseekers remain unemployed because of the economic slump.”