Half of working seniors earn less than 1 million won per month

The number of seniors working beyond the age of 65 is the highest among Organization for Economic Cooperation and Development (OECD) member countries. Still, nearly half of them earn less than 1 million won (726 U.S. dollars) a month, according to a new study.

As of the second quarter of this year, 46.7 percent of households headed by a wage earner aged 65 or older had an average monthly income of less than 1 million won (726 dollars), according to an analysis of microdata from Statistics Korea's household trends survey. This means that nearly half of the workers aged 65 and older who are the breadwinners earn less than 1 million won per month from their work. Also, 21.5 percent of households earned between 1 million won and 2 million won (1,450 dollars) per month, 19.1 percent earned between 2 million and 3 million won (2,180 dollars), and 12.8 percent earned more than 3 million won.

The economic activity participation rate of the elderly in Korea is 37.3 percent (2022), the highest among the 38 OECD member countries. The economic activity participation rate is the ratio of employed and unemployed people to the population, meaning the percentage of people who are employed or looking for work.

“The aging population and the resulting job problem is an issue that is being actively discussed not only in Korea but also in foreign countries,” said Jung Soon-dul, a professor of social work at Ewha Womans University. ”Social system changes such as extending the retirement age and raising the age standard for the elderly need to be discussed together.”


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