South Korea's employed population aged 55-79 surpasses 10 million

Key facts

• The number of employed people aged 55 to 79 in South Korea has surpassed 10 million for the first time.
• This milestone was reached as the country's population rapidly ages.
• The total number of people aged 55 to 79 is 17.02 million.
• Of those economically active in this age group, 10.13 million are employed.
• The employment rate for this demographic stands at 59.5 percent.
• The average preferred retirement age is 73.6 years.

The number of employed individuals in South Korea aged 55 to 79 has surpassed 10 million for the first time, reaching 10.13 million as of May. This demographic milestone is attributed to the nation's rapidly aging population. The total population within this age bracket is 17.02 million, with 10.36 million being economically active. The employment rate for those aged 55-79 stands at 59.5 percent. This data, compiled since 2005, shows an increase of 345,000 employed individuals in this age group compared to the previous year. The average length of service for these workers is 17 years and 7.1 months. Furthermore, 69.2 percent of people aged 55 to 79 expressed a desire to continue working, with an average preferred retirement age of 73.6 years. As of May, 62.7 percent of this demographic received a pension, averaging 880,000 won (US$616) per month.