Changes in Labor Market Participation and Income among Older Koreans

Abstract

Drawing on the National Survey of Older Koreans, this article examines changes in labor market participation and income among older Koreans from 2011 to 2023. Both the labor market participation and income levels have increased among older adults in Korea. Average monthly work income and job atisfaction have also risen, and workplaces have become more accommodating to older adults. Over the past decade, older Koreans have seen increases in both household and individual incomes, with a greater share coming from earnings and a reduced percentage from private transfers. Despite these changes, however, the poverty rate for the elderly population remains higher in Korea than in nearly all OECD countries. The government should mobilize a wide array of policy instruments to help people live their later years with dignity.