Over-50s Outnumber 20s in South Korean Workforce for First Time

SEOUL, Aug 5 (Bernama-Yonhap) -- Major South Korean companies now employ fewer workers in their 20s than those aged 50 and above, reflecting reduced youth hiring amid an economic slowdown, Yonhap news agency reported citing an industry data.

Data from corporate tracker Leaders Index showed that, as of end-2024, employees in their 20s accounted for 19.8 per cent of the workforce at 124 leading firms by sales -- down 1.2 percentage points from a year earlier.

In contrast, the share of employees aged 50 or older rose 0.6 percentage point to 20.1 per cent, marking the first time since 2015, when the index began compiling such data that younger workers were outnumbered by older ones.

It also marked the first time the share of workers under 30 fell below 20 per cent.

The gap was most prominent in the battery industry, where the share of employees in their 20s declined by 9.7 percentage points over the past three years, while those aged 50 and above increased by 1.2 percentage points.

A similar shift was seen in the information technology and electronics sector, where the share of younger workers dropped 5.4 percentage points.

“Due to sluggish economic conditions, many industries have reduced new hiring, while older employees are delaying retirement,” an official from Leaders Index said.

-- BERNAMA-YONHAP