More seniors work past 60 for fulfillment, not pay

Two years after retiring, Mr. A, now in his 60s, began driving a personal taxi. It took him a year and a half to get started. To legally acquire another taxi driver’s license, he had to complete a mandatory training course. But demand was so high that getting a spot was often compared to winning the lottery. Since he was not in urgent need of income, he waited and used the time to catch up on postponed tasks.

“When you get used to not working, the days feel too long,” he said. “I work when I feel like it, and the pay is decent, so I like this job.”

Mr. A is part of a growing trend in South Korea, where more people are continuing to work beyond the official retirement age of 60. In May, the number of employed seniors topped 7 million for the first time, reaching a record 7.05 million. That is nearly 1.5 million more than four years ago and double the number of employed people in their 20s. The employment rate among seniors, which reflects the proportion of those working in the age group, stood at 48.3 percent. Nearly half of people over 60 are now in the workforce.

Their reasons for working vary, but data shows a shift in motivation. According to an annual survey by Statistics Korea of people aged 55 to 79, the share of respondents citing “supplementing living expenses” has declined every year since 2021. At the same time, more seniors say they work for “the joy of working.” Other common reasons such as “to stay healthy” and “to avoid boredom” are also gaining traction.

This trend is expected to accelerate as the second baby boom generation, born between 1964 and 1974, enters their 60s. Compared to earlier groups, they are more educated and have higher skill levels. A report by the Korea Chamber of Commerce and Industry last year found that the share of seniors with a college degree has increased by about 10 percentage points over the past decade.

Calls are growing for more tailored employment support for this newly senior, better-educated generation. However, reality has yet to catch up. A review of programs at senior employment centers shows many offerings that do not match applicants’ educational or professional experience. Jobs such as selling wine or health supplements at retail stores or delivering packages on foot rarely require a college degree or office background.

Senior job programs have long been viewed as social support for those in need. This focus remains essential, especially for older adults in low-paying or unstable jobs. However, it is also time to recognize and support those who work for reasons beyond financial necessity. Three years ago, a senior government official noted that Korean retirees may not be as poor as commonly believed once real estate and other assets are taken into account. The younger the retiree, the less likely they are to face poverty. Today, the term “senior” no longer reflects the diversity within this growing population.