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Employment

Working Better with Age: Korea

In series:Ageing and Employment Policiesview more titles

Published on October 24, 2018

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Korea faces unique ageing and employment challenges. On the one hand, it will experience much faster population ageing than any other OECD country: the old-age dependency ratio (population aged 65+ over population aged 15-64), for example, is projected to increase from 20% today to around 70% in 2050. On the other hand, employment rates of older workers are already very high: in the age group 65-69, for example, 45% of all Koreans work compared with an OECD average of 25% (2016 data). However, most older people in Korea end up in poor-quality jobs after ending their core career in their early 50s, with low and insecure earnings and little or no social protection. This report looks at the reasons for the current labour market and income situation of older workers in Korea, especially the role of employment and employer practices. It examines the best ways forward for policy makers and employers to increase the quality of life and work of older workers whilst maintaining their high employment rate.

TABLE OF CONTENTS

Foreword
Executive summary
Assessment and recommendations
The challenge of population ageing in Korea
The exceptional labour market situation of older workers in Korea
Improving the employability and working conditions of older workers in Korea
Improving hiring and job retention for older workers in Korea
Addressing poverty among Korean older workers
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KeY FIGURES

Key chart: Older workers scoreboard for Korea and the OECD area, 2006 and 2016. (Table 1)

Key chart: Korea has among the highest elderly employment rates in the OECD. (Figure 1)

Key chart: Non-regular work in Korea is concentrated among the elderly. (Figure 2)