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Koreans in their 20s and 30s ... might want to rethink their retirement plans,... as a
recent report shows... four in 10 in the cohort will have to work even after they reach the
age of 65. The problem is... the poor quality of their
jobs. Our Hwang Ji-hye has the details.
When 30-year-old Koreans become 65, the country′s employment rate for the elderly is expected
to top 40 percent,... with more than 7-point-3 million people their age or older participating
in economic activities. Now,... that points to a need for quality
jobs for the elderly,... who are living in a country that has one of the most rapidly
aging populations in the world. A recent report by the Korea Institute for
Health and Social Affairs says... that the rise in the elderly employment rate comes
as

life expectancy increases,... while most of them are unprepared for life after retirement.
Korea′s life expectancy stood at around 77 years in 2002, but it is expected to rise
to 82-and-a-half years in 2020. The country′s elderly poverty rate, however,
was close to 50 percent in 2010 the highest among OECD member states.
The rate is also around four times higher than the OECD average of 12-point-4 percent.
The report adds... that more than nine out of 10 Korean workers ages 65 or older had
either temporary or part-time jobs in 2012. With more of the elderly expected to look
for jobs in the future, it appears critical for policymakers to find a way to improve
the job market for them. Hwang Ji-hye, Arirang News.

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