In a recent official governmental study it was found that there are more people who are economically active in their 60s than those in their 20s. This study also looked into the crises in the economy being encountered by the region.
When looking at other places across the world – such as Western Europe – the escalating elderly population is an issue that must be confronted. With “increasingly onerous social welfare liabilities” and shortages in the workforce, it might be wise to get the over 60s back in a work retraining program.
Although how easy would this be to do? When looking at the situation in South Korea it seems that the reason this demographic is back in the workforce is due to poverty (those over 65 have a 50% likelihood of being poverty-ridden). And as Hanyang University’s Aging Society Research Institute head, Lee Sam-sik pointed out:
“If the natural population decrease continues, South Korean society will face serious difficulties from the greatly reduced number of young people and the relatively big portion of old people. It will be difficult to maintain the overall industrial structure given the decreasing number of working people and the reduced levels of consumption.”
The ultimate goal is to get the elderly integrated into society in productive roles, but not because there is a poverty issue among this demographic.