No. of employed people aged 55-79 tops 10 mil. for 1st time
Elderly people rest at a pavilion in downtown Seoul, Monday. Yonhap
The number of employed people aged 55 to 79 topped the 10 million mark for the first time amid the country's rapidly aging population, government data showed Wednesday.
The number of people aged 55 to 79 reached 17.02 million as of May, up 570,000 from a year earlier, according to data from the Ministry of Data and Statistics.
Of the 10.36 million economically active people in the age group, 10.13 million were employed, up 345,000 from a year earlier. The employment rate stood at 59.5 percent.
The milestone represents the largest number tallied since the government began compiling related the data in 2005.
Their average length of service was 17 years and 7.1 months, up 0.5 month from a year earlier.
Among people aged 55 to 79, 11.78 million, or 69.2 percent, said they wanted to work in the future, while the average preferred retirement age was 73.6.
Over the past year, 8.97 million people in the age group, or 62.7 percent, received a pension as of May, with an average monthly payment of 880,000 won ($616) per person.