Overview

• 10.01 million South Koreans aged 55 to 79 were economically active in May, the first time the figure has exceeded 10 million since records began in 2005.
• Labor force participation among this age group reached a record 60.9 percent, while employment climbed to 59.5 percent fueled by gains in healthcare and social welfare roles.
• Nearly 70 percent of seniors say they hope to continue working, aiming to retire at an average age of 73.4 but typically leaving their main jobs by 52.9.
• Just over half of older adults receive a pension, with average monthly payments of 860,000 won covering only a fraction of living costs.
• Policymakers are discussing raising the statutory retirement age and bolstering senior welfare to address pension shortfalls and labor shortages.