South Korea’s number of employed people over 60 years old led all age groups in September

According to recent statistics released by South Korea’s Ministry of SMEs and Startups and the National Statistical Office on October 22, 2023, the employment rate among individuals aged 60 and above has surpassed that of those aged 50 and above for the first time on record.

The report from Yonhap News Agency highlights that in September, the number of employed individuals aged 60 and older increased by 272,000 compared to the previous year, reaching a historic high of 6.749 million. This marks the first instance since 1982, when South Korea began tracking these statistics, that the employment figures for those aged 60 and above have outpaced the 50 to 59 age group, which stands at 6.72 million. Furthermore, individuals aged 60 and above now represent 23.4% of the employed population, a new record that also surpasses the 23.3% for the 50 to 59 age group.

The report also notes impressive entrepreneurial activity among older adults. As of July this year, South Korea had a total of 95,000 startup businesses (excluding real estate agencies), reflecting a 1.5% year-on-year increase. Among these startups, those founded by individuals aged 60 and older numbered 13,000, an increase of 14.6%, accounting for 14% of all startups—setting a record for the highest proportion for that month in history.