Regular Employment Rises Among Older Workers in Q3, Falls Among Youth

In South Korea, a significant demographic shift is occurring in the labor market, as regular employment among older workers has seen a notable increase in the third quarter of 2023. According to the Ministry of Data and Statistics, over 70% of the rise in regular employment is attributed to workers aged 60 and older.

The total number of regular employees reached 16.84 million, reflecting an increase of 167,628 compared to the same period last year. Notably, while older workers made up less than 14% of all regular employees, their numbers rose by 125,573, accounting for approximately 74.9% of the overall increase.

Conversely, employment among younger workers, particularly those in their 20s, has been on a downward trend. The statistics revealed a decrease of 82,836 regular employees in this age group, marking the 15th consecutive quarter of decline since early 2023. Additionally, regular employment among those in their 30s also fell by 3,711, despite an increase in their population.

An August survey highlighted that around 680,000 individuals in their 20s and 30s were unemployed and classified as 'resting,' indicating ongoing challenges in the job market for younger demographics. This trend raises concerns about the sustainability of youth employment in the face of an aging workforce and shifting economic conditions.

As South Korea grapples with these employment dynamics, policymakers may need to consider targeted strategies to support youth employment and address the implications of an aging labor force.