Most Senior Citizens Want to Work into Their 70s

Published on 2020/08/02 | Source

/Newsis

Two out of three older people want to work until they turn 73 to make a living but it is increasingly difficult for them to find jobs.

Statistics Korea on Tuesday said a survey in May revealed that 67.4 percent of the country's 14.21 million elderly want to keep working, an increase of 2.5 percentage points compared to last year. Some 58.8 percent cited the need to earn money to cover their living expenses.

More and more elderly people are looking for work as life expectancy has increased, requiring many to stretch out their retirement savings. Most hope to earn at least W1.5 million a month, but there are few jobs available for them out there (US$1=W1,200).

Data shows the employment rate for people between 55 and 64 fell 0.6 percentage point on-year to 55.3 percent in May, the biggest decline since 2009. The figure for senior citizens aged 65 to 79 increased just 0.3 percentage point.

People aged 55 to 64 are not eligible for government-funded sinecures for senior citizens, while the coronavirus epidemic has led to another sharp decline in the available jobs.