For generations, retirement marked the beginning of old age. In South Korea, it is increasingly becoming a luxury.
More than 2 million South Koreans aged 70 and older remained employed in 2024, the first time the figure has crossed that threshold, according to government data. The milestone reflects not only the country’s rapidly aging population but also a growing reality: many older Koreans simply cannot afford to stop working.
The number of workers aged 70 and above reached 2.16 million last year, up 9.2% from a year earlier. Since 2018, the size of this workforce has expanded by nearly 80%, transforming what was once considered a post-retirement stage of life into an extended chapter of economic activity.
South Korea has long been recognized for its intense work culture and remarkable economic rise. Now, it is emerging as a country where retirement itself is being redefined.
The trend is partly demographic. South Korea is aging faster than almost any other developed nation, with its population aged 70 and older growing from 5.03 million in 2018 to 6.82 million in 2024. Longer life expectancy and improved health have enabled many seniors to remain economically active well beyond traditional retirement age.
But economists say demographics tell only part of the story.
South Korea has the highest elderly poverty rate among member countries of the Organization for Economic Cooperation and Development. Nearly 40% of South Koreans aged 66 and older live in relative poverty, according to the National Statistical Research Institute—more than double the OECD average.
The result is a labor market increasingly populated by seniors who continue working not only because they can, but because they must.
The shift is already altering the composition of the workforce. In 2024, South Korea had 6.83 million workers aged 60 and older, surpassing the number of workers in their 50s for the first time since comparable records began more than six decades ago.
Men and women alike are contributing to the trend. Employment among men aged 70 and older exceeded 1.1 million last year, while the number of women in the same age group who remained employed also topped 1 million for the first time.
For policymakers, the growing presence of older workers presents both opportunities and challenges.
An aging workforce could help ease labor shortages in a country with one of the world’s lowest birth rates. Yet it also raises difficult questions about retirement preparedness, pension adequacy and the quality of jobs available to seniors.
Experts argue that many of today’s older adults are healthier and more capable of remaining productive than previous generations. However, they warn that financial necessity remains a powerful force behind the trend.
South Korea’s expanding army of septuagenarian workers may therefore represent two contrasting realities at once: a society where people are living longer and staying active, and one where too many cannot afford the option of retirement.
As the country’s demographic transformation accelerates, one question is becoming increasingly urgent: Is South Korea pioneering a new model of later-life employment, or exposing the limits of its retirement system?
For millions of older Koreans still reporting to work each morning, the distinction may matter less than the paycheck waiting at the end of the month.
