The number of people in their 50s holding jobs rose to an all-time high in March 2005. This mean there is an increasing number of older Koreans who choose work over retirement.
The number of workers aged between 50 and 59 reached 3.5 million in March, up 7.6 percent from a year before, the National Statistical Office (NSO) reports.
The number of those in their 50s with jobs accounted for 15.5 percent of the total workforce in March, up from 14.6 percent a year earlier, the NSO said.
About 22.57 million people out of a population of 48 million had jobs two months ago.
The figure has shown a steady upward movement over the past few years since the 1997-1998 Asian currency crisis with more being forced to work due to their deteriorating financial situations.
``With a rising life expectancy, more older people are forced to continue working as it is increasingly more difficult for their savings and pension to sustain them,’’ a NSO official said.
The official added that the majority of older workers are usually engaged in low-paying jobs in the service sector, unable to significantly improve their financial situation.
Korea's overall job market has remained weak over the years, as the sluggish domestic economy has not been able to generate enough jobs, particularly for younger people.
According to Korea Times, those aged between 15 and 19 holding jobs increased by mere 0.6 percent during the one-year period, while the number of people in their 20s declined 1.7 percent as a growing number of local companies have been reluctant to hire new workers amid the prolonged business downturn.
The overall jobless rate stood at 3.9 percent in March with the number of unemployed people reaching 907,000, according to the NSO.
In contrast, the youth employment rate, or for those aged 15 to 29, came to 8.5 percent as a total of 425,000 youths were without jobs.
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