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Koreans in their 20s and 30s ... might want to rethink their retirement plans,... as arecent report shows... four in 10 in the cohort will have to work even after they reach theage of 65. The problem is... the poor quality of theirjobs. Our Hwang Ji-hye has the details.When 30-year-old Koreans become 65, the country′s employment rate for the elderly is expectedto top 40 percent,... with more than 7-point-3 million people their age or older participatingin economic activities. Now,... that points to a need for qualityjobs for the elderly,... who are living in a country that has one of the most rapidlyaging populations in the world. A recent report by the Korea Institute forHealth and Social Affairs says... that the rise in the elderly employment rate comesas
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 riseto 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 hadeither temporary or part-time jobs in 2012. With more of the elderly expected to lookfor jobs in the future, it appears critical for policymakers to find a way to improvethe job market for them. Hwang Ji-hye, Arirang News.
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