Seoul: The number of employed individuals aged 55 to 79 has surpassed the 10 million mark for the first time, reflecting the country's rapidly aging population, as revealed by government data on Wednesday. The milestone marks a significant development since the government began tracking this data in 2005.
According to Yonhap News Agency, the Ministry of Data and Statistics reported that the population within this age group reached 17.02 million as of May, an increase of 570,000 from the previous year. Of the 10.36 million economically active individuals in this group, 10.13 million were employed, marking a rise of 345,000 from the previous year. This brought the employment rate to 59.5 percent.
The data also indicated that the average length of service for these employed individuals was 17 years and 7.1 months, a slight increase of 0.5 months compared to the previous year. Additionally, 11.78 million people, or 69.2 percent of the age group, expressed a desire to continue working in the future, with the average preferred retirement age being 73.6.
In terms of financial security, 8.97 million people within the age group, accounting for 62.7 percent, received a pension over the past year as of May. The average monthly pension payment was 880,000 won (US$616) per person.