Overview
- Government data released Wednesday show about 10.13 million South Koreans aged 55 to 79 were employed in May 2026, the largest figure since comparable records began in 2005.
- The 55–79 population rose to roughly 17.02 million, with a labor force participation rate of about 60.9 percent and an employment rate of 59.5 percent.
- Surveys found 69.2 percent of people in the age group want to keep working and they say they hope to retire at about age 73.6 on average.
- Only about 52.7 percent received pension payments last year and the average monthly pension was 880,000 won, well below the government’s 1.54 million won estimate of a minimum living cost for a single-person household.
- Older workers reported long job tenure—an average 17 years and 7.1 months in their longest-held role—and the data underline pressure on pension policy, labor markets and household finances as Korea’s population ages.