According to Statistics Korea, in South Korea over eight million workers or 33% of the labour force are over 50. In 1991 only 21% of Korean workers were over 50. In 2010 the largest group of workers were those in their 40's. Ten years ago the largest group were those in their 30's.
Those statistics have been the great dilemma of South Korea. The government has been pushing programs to boost new births by rewarding parents who have many children. Even with these programs, there aren't many who accept as it won't put a dent in the cost of living (education, food, housing).
Without a high birthrate, the older are also living longer. This is likely to put a great strain on the Korean government. Talk about social security cuts in the United States...
I think this is a viscious cycle. There's the older who aren't retiring, and there's the younger who can't settle down because of unavailable work occupied by the older. The unmarried singles will also tend to live with their parents long into their 30's. Their parents continue working to support their 30 somethings living at home. Meanwhile they'll stay unemployed and play computer games all night long.
Posted by: Brian Lee | July 18, 2011 at 12:39 PM