40 Percent of Elderly South Koreans will be Working in 2050

D-Bo , Feb. 4, 2015, 11:10 a.m.

Korea's employment rate for the elderly is expected to top 40 percent by 2050, with more than 7.3 million older people participating in the economy. As life expectancy increases, most are unprepared for retirement, according to a report released Tuesday by the Korea Institute for Health and Social Affairs.

The nation's life expectancy stood at 77 in 2002, but it is expected to rise to 82.5 by 2020.  The poverty rate for the elderly stood at roughly 50 percent in 2010, the highest among OECD member countries and significantly above the mean of 12.4 percent.  The report added that more than nine out of 10 workers aged 65 or older held temporary or part-time work in 2012.

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