Almost one-third (31%) of elderly people in South Korea aged 65 and above are taking low-paid jobs, including cleaners or security guards, according to a report by Korea Development Bank.
Seniors are taking jobs about a year after their retirement, and men are working until an average age of 72.9, compared to women at 73.1.
South Korea has a comparatively high elderly employment rate, reaching 30.6% in 2015. This makes it the second highest among Organisation for Economic Cooperation and Development (OECD) countries, only second to Iceland at 38.7%. The OECD average maintained at 13.8% that year.
The report also noted a very high poverty rate among seniors at 63.3% in 2015, the highest rate among OECD members.
The post A third of South Korea’s elderly work low-paid jobs after retirement appeared first on HRM Asia.