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With South Korea’s population aging quickly, the employment rate among individuals aged 55 to 64 exceeded 70% for the first time in history, according to available data.

As per the “Trends in Older Adult Employment” data published by the Ministry of Employment and Labor on the 4th, the employment rate among older adults reached 70.5% last year, surpassing 70% for the first time since record-keeping started in 1983. This represents a small rise from the 69.9% recorded in the prior year. The data refers to individuals aged 55–64 who are employed as “older adult employment.”

The proportion of older adults in employment has consistently increased since it passed 60% in 2007, driven by an aging population. In 2013, it moved into the mid-60% range with a rate of 64.4%, and by 2022, it rose to 68.8%, entering the late 60% range. Last year, the labor force participation rate for older adults also reached a historic peak of 72.0%. The labor force participation rate encompasses both those who are employed and those actively looking for work.

The percentage of individuals aged 55–64 within the working-age group (15–64) was noted at 18.4% in the previous year. This indicates that roughly one out of every five people aged 15 and above is considered an older adult. The unemployment rate among older adults has also been on the decline. It fell by 0.3 percentage points, from 2.4% in 2024 to 2.1% last year, showing a steady reduction since 2021 (3.3%). Nevertheless, there are ongoing concerns that job opportunities for older adults are not of high quality, with many positions being temporary or day labor.

The Department of Employment and Labor mentioned, “The gradual retirement of the second wave of baby boomers (those born between 1964 and 1974) has led to worries regarding a decline in the working-age population.” This group represents about 9.54 million individuals, making up 18.6% of South Korea’s overall population.

With the growing number of older workers in the workforce, ongoing debates in the National Assembly focus on increasing the legal retirement age from the present 60 to 65. Although labor, management, and the government concur on the need to extend the retirement age, the labor sector argues it should match the pension eligibility age of 65. On the other hand, the business sector advocates for a “re-employment post-retirement age” system, allowing individual companies to make the decision.