What do you see from Korean elderly people working 3 jobs at once to make a living?

At the age of 69, Kim Jung-mi works three jobs at once: she takes a 2-year-old boy to kindergarten for three hours a week, with an hourly salary of $9, washes vegetables. at a kimchi store and sometimes walk the neighbor’s dog.

The unnamed jobs of the elderly helped South Korea record a record low unemployment rate in February, with 2.7%. Nearly half of the jobs added had workers aged 60 or older.

In South Korea, one in three people over the age of 64 is still working, the highest rate among the Organization for Economic Co-operation and Development (OECD) countries.

According to the OECD report, in 2020, 34.1% of Koreans aged 65 and over are still working, up 1.2% from the same period a year earlier. This is the highest rate among the 33 OECD member countries and more than twice the organization’s 14.7% average.

According to the results of a separate survey conducted in 2018, South Korea has the highest proportion of elderly poor in the OECD, with about 43.4% of people aged 65 and over living below the poverty line (i.e. income below the poverty line). 50% of average income). The elderly poverty rate in Korea stands at 15.7%, about three times higher than the OECD average.

Experts say the increased number of elderly people having to work reflects the fragility of the domestic economy. “I know my salary is low compared to younger people, but what can I do if I don’t seize this opportunity. Retirement? I’m not sure if I can do that. I will work as long as I can,” Kim said.

However, none of Ms. Kim’s jobs come with social security or an opportunity for a raise. Jobs like this don’t boost consumption rates in South Korea either, as many people Kim’s age are working to lift themselves out of poverty.

The above situation shows that the aging population problem that Asia’s fourth largest economy has always faced. The rapidly growing elderly population poses a growing threat to public finances, as more people need social welfare support while tax revenues decline along with a growing workforce. narrow.

Yoon Jee-ho, an economist based in Seoul, said that the high poverty rate shows weakness in the economic structure. “Korea’s poverty rate among over-65s is higher than in other major economies, partly because the current pension system doesn’t meet the needs and the individual savings don’t have.” , the expert explained.

James Cho, CEO of South Korean mobile platform “Pleasehelp” that helps workers find work with odd jobs, said the app’s customers include both those nearing retirement and those in their 20s and 30s. age.

“There is no age limit; as long as a person can use a smartphone, the elderly can also make money,” said Mr. Cho, listing the jobs advertised on the job site including catching cockroaches, delivering jobs. row.