Older Workers Exceed 10 Million for the First Time Amid Inadequate Pensions

"I retired from my main job at 53 and receive a pension, but it falls far short of living expenses, so I want to work until I am 73." This reflects the average situation of older adults aged 55 to 79 as of May 2026.

According to the supplementary survey on older populations within the Economically Active Population Survey released by the National Data Administration, the population aged 55 to 79—the legal standard for older persons under the current Elderly Employment Promotion Act—stood at 17,017,000, an increase of 570,000 from a year earlier.

Among them, the number of employed persons reached 10,125,000.

This marks the first time the figure has exceeded 10 million since related statistics began being compiled in 2005, representing an increase of 345,000 from a year earlier and a 1.5-fold increase from a decade ago.

The labor force participation rate for older adults was 60.9%, and the employment rate was 59.5%, both remaining at the same level as last year, which had recorded all-time highs.

Meanwhile, 52.7% of older adults were receiving a pension.

Although the proportion of pension recipients increased compared to last year, the average monthly payout remained at 880,000 won, falling well short of the 1,540,000 won required as the minimum cost of living for a single-person household.

Regarding pension amounts, men received around 1,130,000 won while women received around 610,000 won. Cases where the payout was less than 500,000 won were the most common at 41%, while those receiving 1,500,000 won or more accounted for only 16%.

As pensions are not sufficient to cover living expenses, a significant portion of older adults are heading back into the labor market.

Nearly 70% of older adults expressed a desire to work. Among them, supplementing living expenses was the reason given by over half at 53.4%, while the joy of working stood at 36.7%.

The desired retirement age for older adults was 73.6 years, up 0.2 years from a year earlier.

On the other hand, the age at which they step down from their main lifetime job remains early.

The average age at which they left their longest-held job was 53, creating an income gap of over 20 years until their desired retirement age.

The most common reasons for leaving were business sluggishness, suspension of operations, and business closure or shutdown, followed by poor health and family care.

(Reported by Kim Hye-min | Video edited by Lee So-young | Produced by SBS Digital News)
※ Please note: This article was translated by AI and may contain errors.