MIND-BLOWING Secrets of South Korea's Job Market EXPOSED

Why Are 70-Year-Olds DOMINATING South Korea's Job Market? #southkorea #olds #jobs

The employment rate of elderly people over 70 in South Korea has exceeded 30% in the first half of this year, making it the fastest-growing group of employment in the country. This has caused an interesting phenomenon where the number of employed elderly people over 65 has surpassed the number of young people employed, the first time in 35 years. The government-run employment information website, Worknet, has posted a significant number of job postings for people aged 60 and older, showing that there is a demand for their labor. This phenomenon is attributed to the stressful pension system in Korea, where the poverty rate among the elderly is three times the average poverty level of OECD member countries. Less than half of the elderly receive a pension, and those who do receive it usually receive a small amount. The elderly need more than double the actual pension they receive to meet basic living conditions. The Korean pension system, despite its efforts, is not able to effectively address this issue.