Friendly Economy: Commuting Even Past 70... Number of Employed Elderly Exceeds 2 Million for First Time

[Anchor]

Joining us this Thursday is reporter Han Jiyeon for "Friendly Economy." Reporter Han, I hear there are many people who continue to work even after turning 70?

[Reporter]

That's right. The number of employed people aged 70 and older reached 2,162,000 last year, surpassing the 2 million mark for the first time.

This is a 9.2% increase compared to the previous year.

You might wonder when the number of employed people in their 70s started growing so rapidly.

Back in 2018, the number of employed people aged 70 and older was around 1,219,000.

After surpassing 1.5 million in 2021 at 1,566,000, it entered the 2 million range last year.

This is a 1.8-fold increase—nearly doubling—in just six years.

Their share of the total employed population also rose from 4.5% in 2018 to 7.5% last year.

By gender, there were 1,113,000 employed men and 1,049,000 employed women.

The number of employed men surpassed 1 million for the first time in 2024, while the number of employed women did so for the first time last year.

Unlike in the past, we see many people in their 70s these days who are still very healthy and active.

This is partly because the period during which people can work has extended as healthy life expectancy has increased.

However, livelihood issues cannot be overlooked.

The poverty rate among elderly people aged 66 and older in South Korea stands at 39.7%.

Simply put, nearly four out of ten elderly individuals live on an income that is less than half of the median income.

This is well over double the OECD average of 14.8%, making it the highest among member nations.

[Anchor]

Should we view this as a natural phenomenon resulting from an aging demographic structure?

[Reporter]

Particularly, last year, the number of employed people aged 60 and older surpassed those in their 50s for the first time.

Last year, the number of employed people aged 60 and older was 6,834,000.

In contrast, the number of employed people in their 50s was 6,679,000.

This means there were 155,000 more employed people aged 60 and older than those in their 50s.

This is the first time this has occurred since statistics on employment by age group began in 1963.

Until now, those in their 50s were considered the core age group of our labor market.

Now, the labor market is aging so rapidly that employed people aged 60 and older outnumber those in their 50s.

The background to this lies in demographic shifts.

The population aged 70 and older grew significantly from 5,025,000 in 2018 to 6,822,000 last year.

As the elderly population itself grows, the number of people participating in economic activities is also increasing.

On the other hand, the youth are entering the workforce increasingly later.

As companies prefer hiring experienced workers over entry-level ones, the time it takes to land a first job is lengthening.

As of this past April, the number of long-term unemployed individuals who have been looking for work for six months or more stood at 108,000, an increase of 30,000 compared to a year ago.

Their share among all unemployed individuals was 12.7%, the highest in 22 years.

More than half of these long-term unemployed individuals were youth and people in their 30s.

Ultimately, we are seeing a dual phenomenon where the elderly remain in the workforce longer while the youth enter the labor market later.

[Anchor]

Lastly, while it seems like the prices of everything are rising lately, a jump like this in just a single week is truly significant, isn't it?

[Reporter]

That's right. Prices have gone up not only for king crab, which was already expensive, but also for flatfish and hairtail.

As a result, the prices of raw fish and grilled fish are fluctuating upward.

Recently, at the Noryangjin Fisheries Wholesale Market, king crab prices jumped by more than 56% in just one week.

Prices for hairtail, snow crab, and octopus also rose in the 20% range.

Wild flatfish, a popular choice for raw fish, rose by over 30%, and prices for sea bass and red seabream are also on the rise.

The most concerning item is squid.

Last month's squid catch was limited to just 9 tons.

This is a drop of nearly 77% compared to the same period a year ago.

Industry insiders explain that fishing conditions have worsened due to climate change, and the prolonged war in the Middle East is also a factor.

They explain that with the added burden of rising fuel costs, an increasing number of fishermen are giving up on fishing trips.

This supply instability is also affecting restaurants.

One hagfish restaurant in Seoul, facing supply disruptions, began sourcing hagfish from Busan instead of importing them, raising the price from 15,000 won to 19,000 won.

The problem lies ahead.

The National Institute of Fisheries Science projected that sea temperatures in our waters this summer will be more than 1°C (2°F) higher than average.

Higher water temperatures could lead to greater damage to fish farms, which in turn could put upward pressure on seafood prices.

The government plans to release 8,000 tons of stockpiled seafood, supplying it at 30 to 40% below market prices to help stabilize costs.
※ Please note: This article was translated by AI and may contain errors.