Seniors fill majority of new jobs in South Korea

Over 50% of the new job positions created in 2022 were filled by senior citizens, while the younger demographic claimed a mere 1.15% of the year’s job market expansion, data from Statistics Korea revealed.

South Korea witnessed an uptick in employment, adding 870,000 new jobs in 2022, marking a 3.4% year-on-year increase and bringing the overall employment figure to 26.45 million. Seniors, aged 60 and above, dominated with 440,000 new jobs, followed by those in their 50s at 260,000. Jobs for individuals in their 40s increased by 100,000, while those in their 30s saw a 50,000 uptick. The youngest age group experienced a modest gain of 10,000 jobs.

An official from the agency pointed out that the demand for senior citizens in the health and social welfare had surged. Simultaneously, the decline in the younger demographic contributed to the fewer job additions within this age group.

Analysing the distribution of jobs, 24% were occupied by individuals in their 50s, while those in their 40s and 30s claimed 23.8% and 20%, respectively. The gender breakdown showed that men held 56.7% of the total jobs in 2022.

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Examining the nature of the newly added jobs, 11.4% were within government and unincorporated organisations, 47.4% from incorporated organisations, and 31.4% from private owned entities.

Sector-wise, the health and social welfare sector experienced the most significant growth, adding 120,000 jobs, closely followed by the wholesale and retail sector with 150,000 new openings. The manufacturing sector contributed an additional 90,000 jobs, while the financial and insurance field saw a decline of 10,000 jobs in 2022, reported The Korea Times.