South Korea's senior employment surpasses 10 million, driven by 'enjoyment' and 'living expenses'

South Korea has seen a historic milestone as the number of employed individuals aged 55 to 79 has exceeded 10 million for the first time. This significant increase in the senior workforce reflects evolving societal and economic conditions, including improved health and expanded social safety nets.

The latest data from the National Statistical Office reveals that there are now 10.125 million employed individuals in the 55-79 age group, marking a 345,000 increase from the previous year. The employment rate for this demographic remains stable at 59.5%. This trend indicates a growing willingness and ability among older adults to remain in or re-enter the workforce.

Interestingly, the primary motivation for seeking employment among this age group is shifting. While 'supplementing living expenses' continues to be the leading reason, cited by 53.4% of respondents, its prevalence has declined by 3.4 percentage points since 2022. Conversely, the proportion of seniors who work for the 'enjoyment of work' has risen to 36.7%, an increase of 2 percentage points over the last five years. Other reasons, such as feeling needed by society, maintaining health, and alleviating boredom, also show a general upward trend, suggesting a greater emphasis on self-fulfillment and quality of life among older workers.

Experts attribute this shift to various factors, including the expansion of pension benefits and social security systems, as well as improvements in healthcare that allow seniors to maintain their health and work longer. The data shows that the proportion of seniors receiving pensions has increased to 52.7%, up from 48.4% five years ago, with the average monthly pension amount rising by 28% to 880,000 won.

When choosing jobs, older workers prioritize work hours and schedules (30.8%), followed by wage levels (20.3%) and the possibility of continued employment (16.3%). While men in this age group are more likely to seek jobs with salaries of 3 million won or more, women tend to prefer positions offering between 1 million and 1.5 million won per month. The average age of those currently employed in their longest-held job is 62.6 years, remaining unchanged from the previous year.

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The expansion of social security systems, such as pension benefits, and an increase in the number of seniors who manage their health well, creating conditions for longer working lives, seem to be reflected in various reasons.