Retirees will outnumber college graduates starting in 2015, government data showed on Thursday, indicating an alleviation of the country's youth unemployment problems.
The job market picture is bleaker for younger people, with the unemployment rate among those aged 15-29 standing at 8 percent in January, much higher than the country's overall jobless rate of 3.5 percent, statistics showed.
According to the data by the Ministry of Employment and Labor, the number of retirees nationwide is expected to reach 541,000, hovering over that of college graduates projected to number 502,000 in 2015. The calculation is based on South Korean company workers' average retirement age of 57.
In 2011, the country saw 94,000 more college graduates than retirees, but the gap is forecast to be reduced to 34,000 this year and 12,000 in 2014 before the trend reverses in 2015, with the country's baby boomers, born between 1955 and 1963, beginning to retire this year, the data showed.
The trend is expected to continue, with retirees outnumbering college graduates by 61,000 in 2016 and 68,000 in 2017, according to the data.
"The country is expected to experience a turning point in youth unemployment problems in two to three years due to demographics," a ministry official said. "Prior to that, the ministry will maintain close cooperation with companies to overcome difficulties we are facing."
(Yonhap)