Working in low-quality jobs such as simple labor
In South Korea, the number of people over 70 in the workforce increased by 150,000 in the first half of this year. This is the largest increase since the start of compiling related statistics. There are suggestions that the rapidly increasing elderly population should be utilized to boost the stagnant economic growth rate.
According to the Statistics Korea National Statistics Portal on the 14th, the number of people over 15 in the workforce in the first half of this year (January to June) averaged 28,449,000, an increase of 220,000 from a year ago. The elderly are the driving force behind the increase in employment. The number of people over 60 in the workforce increased by 282,000 from the first half of last year. This is the largest increase among all age groups. In particular, the number of people over 70 in the workforce (1.925 million) increased by 150,000. This is the largest increase since the start of compiling related statistics in 2018.
The number of young people (aged 15-29) in the first half of this year decreased by 115,000, and the number of employed people in their 40s also decreased by 82,000. The number of employed people in their 30s and 50s increased by 91,000 and 43,000, respectively, but the increase was far from that of the elderly.
The increase in the total number of employed people has been on a downward trend in the first half of the year, from 941,000 in 2022 to 372,000 last year and 220,000 this year. However, the increase in the number of employed people aged 70 and over has been increasing consecutively, from 146,000 in 2022 to 148,000 last year.
The problem is that the elderly are mainly engaged in low-quality jobs. In June, the Korea Development Institute (KDI) published research results showing that middle-aged and elderly people are engaged in low-skilled, low-wage jobs after retirement. The story goes that middle-aged and elderly people who have retired from their main job in life are moving to “simple physical labor’’ that has no continuity with their previous job. The Bank of Korea also announced on the 1st of this month that the “second baby boom generation” (approximately 9.54 million people born between 1964 and 1974) will retire starting this year, which could reduce Korea’s economic growth rate by about 0.4%.
It has also been suggested that the elderly workforce should be used as an engine for economic growth. In its “2024 Korea Economic Report” published on the 11th, the Organization for Economic Cooperation and Development (OECD) said, “Extending working lifespans and increasing employment of the elderly will significantly improve GDP.” It also proposed the introduction of a flexible wage system that is not related to age, restrictions on honorary retirement, and an extension of the retirement age as solutions. This means that the professional skills accumulated in the youth and middle-aged age should be made available even in the elderly age group.
The Korean government is also working on measures. The government plans to announce a “roadmap for continued employment” and “measures to stimulate job changes and re-employment for middle-aged and elderly people” in the second half of this year, including extending the statutory retirement age (60 years old).
Reporter Ahn Tae-ho
Hankyoreh 2024-07-15 19:52 Edited: 2024-07-16 10:43
Better than Japan
From now on, the time will come when Japanese people will work until they die.
As in Japan, they become poor because their government doesn’t invest in its own people.
Believing in wrong economic theories results in no diverse talent being developed, and those who specialize in studying for exams win.
However, those who are good at studying for exams are not necessarily talented later on,
and Korea in particular is more unfortunate than Japan because of the influence of Confucianism, which leads to class differences and occupational discrimination, and vectors pointing towards specific occupations.
These working people should invest for retirement.
They don’t rely too much on pensions.
These days, it’s time to start learning how to invest from high school.
It already is.
Because the amount of pension they receive is completely different. Old people in Japan are rich.
Many people say they want to prevent dementia or to stay connected to society.
Of course, there are many people who have to work.
The poor in Japan today can’t even open a chicken shop.
Personally, I think three days off a week would be ideal if you were to work your whole life.
That’s strange for a country with a higher GDP per capita and average annual income than Japan lol
You were a right-wing netizen ^^
No, I’m unemployed.
There are old people who deliver buttons
In Japan, there are people of that age who spend their days chatting away in coffee shops.
The idea of quitting work when you get older is outdated.
There’s nothing better than working and earning your own living.
The unemployed guy is saying something lol
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