At age 69, Kim Jung-mi holds three jobs: she spends three hours getting a two-year old home from kindergarten every weekday for $9 per hour, then washes vegetables at a store that sells kimchi. Occasionally, she walks her neighbour's dog.
That kind of gig work among elderly people has helped South Korea to log a record-setting run of low unemployment through February, at 2.7%, with almost half of the job increases driven by people 60 and older.Although the drift to low-paid, part-time work is a global phenomenon, it has put South Korea at the top of OECD's scale measuring the temporary employment rate for people 65 and older: 69% of that age group is working somewhere, far higher than 38.1% in Japan and 13.
The country's elderly face the highest risk of becoming suicidal, and the relative poverty rate for 65-year-olds and above in Korea is the highest in the OECD. About 45% of that age group is living on less than 50% of the median disposable income. "Korea's people aged above 65 tend to have a higher income poverty rate compared to other major economies, partly due to insufficient coverage of the existing pension system as well as not enough private savings," Yoon said.In Japan, senior citizens have become an increasingly important part of the country's labour pool, as about 13% of the workforce are 65 or older, up from 9% in 2012.
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