In Busan, South Korea, a recent survey conducted by the Busan Chamber of Commerce and Industry found that a significant number of employees nearing retirement age are planning to re-enter the workforce after they retire. This trend, which may have implications for the broader global workforce, comes as many countries face the challenges of an aging population.
The survey, titled ‘Survey on Employment Status and Activation Measures for the Elderly in Busan,’ included 200 employees aged 55 and older who are within five years of retirement age, as well as 100 corporate human resources managers. The results showed that 84.5% of these employees planned to seek reemployment after retirement.
As of 2021, the employment rate for senior citizens aged 60 and over in Busan is 21.9%, the highest among South Korea’s seven special provinces and cities, compared to the national average of 19.8%. Financial considerations (49.5%), maintaining social relationships (21.0%), enjoying work (20.0%), and transferring skills and knowledge (7.5%) were cited as the primary reasons for seeking re-employment.
The majority of respondents expressed a desire to work until the age of 70 or older (53%) and even 65 (29.5%), indicating a preference for working at least five to ten years beyond the traditional retirement age. However, there is a significant mismatch between the types of jobs these retirees desire and the positions available for those aged 60 and older, particularly in office management and blue-collar roles.
The survey also found a gap of approximately $600 between the average desired wage and the actual wage earned by those who managed to find re-employment. In order to address these discrepancies, the Busan Chamber of Commerce and Industry’s Corporate Trend Analysis Center suggests expanding job opportunities for technical professionals, and sales and service workers, and improving the perception of older workers in the workplace.
As countries around the world grapple with aging populations, the trend of retirees seeking reemployment is becoming increasingly relevant. Policymakers and businesses will need to create suitable job opportunities and bridge the gap between the desired and available positions for older workers. This includes addressing disparities in wages and offering support for older workers as they transition into new roles.
The growing trend of retirees seeking reemployment in Busan and across South Korea serves as a reminder of the need for a proactive approach from policymakers, businesses, and society as a whole. As nations confront the challenges of an aging population, embracing the potential of older workers and creating suitable job opportunities will be critical in ensuring a sustainable and thriving economy for all.
