By Kang Seung-woo
Korea’s workforce is getting older, as people aged 50 or more took up a larger portion of the job market last month, a government report showed Thursday.
Observers worry that this trend could hurt the country’s growth potential.
According to Statistics Korea, the number of employed people in the 50 to 59 age group surpassed the 5 million mark for the first time last month, amounting to 5.08 million, up 125,000 from March.
In addition, the growing trend helped the number of employed people who are over 50 to top 8 million for the first time.
The figure is a huge increase in comparison with the past.
In April 1991, the number of working people over 50 stood at 4.03 million; and in April 2001, 5.1 million.
The report showed that the employment growth in this age group is leading them to take center stage in the nation’s workforce, nudging aside those in their 30s and 40s.
The number of those above the age of 50 in employment accounts for 33 percent of all employed people, which was tallied at 24.4 million last month, while those in their 30s and 40s represented 23.9 percent and 27.3 percent, respectively.
Compared to 10 years ago employment among the young and those in their 30s has dropped 6.5 percent and 4.7 percent, respectively, while that of people above 50 increased 9.4 percent. People in their 40s on payrolls also rose 1.7 percent.
The shift in population structure has contributed to changes in the job market and this trend is expected to continue in the future amid rapid aging and a sinking birthrate.
The number of those aged between 15 and 29 has decreased from 40 percent of the population in 1991 to 24.4 percent in 2011, while those in their 30s saw a 3.8 percentage point loss.
The number of people in their 40s has increased to 20.3 percent, with those above 50 reaching 36 percent.
Market watchers warn that the dropping of the number of employed in younger age groups negatively affects the country’s economic development.
“In order to survive global competition, we need to adjust to new technologies quickly, but those aged 50 and above are relatively slower than their younger counterparts,” said a Seoul-based economist.