50-Somethings Increasingly Snatch Jobs from Young People
09 July, 2018
The quality and quantity of jobs available for Koreans in their 50s improved over the last decade, but worsened for those in their 20s.
According to the Korea Employers Federation on Sunday, the number of workers in their 20s fell three percent since 2007, from 3.67 million to 3.56 million last year. But the number of workers in their 50s rose a whopping 84.4 percent from 2.25 million to 4.15 million over the same period.
Workers in their 20s outnumbered those in their 50s until five years ago, but then the proportion was reversed.
Even after taking the low birthrate and changing demographic structure into account, people in their 20s are experiencing an alarming decline in available jobs.
While the proportion of 20-somethings in the entire population fell 2.2 percentage points from 16.9 percent in 2007 to 14.7 percent in 2017, their proportion of the total workforce fell 5.2 percentage points from 23.1 percent to 17.9 percent. Over the same period, the proportion of those in their 50s in the total workforce rose 6.7 percentage points from 14.2 percent to 20.9 percent.
The generational shift also intensified in terms of the quality of jobs. While the average monthly pay of workers in their 20s rose from W1.38 million in 2007 to W1.81 million in 2017, the amount for workers in their 50s jumped from 1.86 million to W2.71 million over the same period.
By industry, people in their 20s worked mainly in the hospitality industry, where wages are lower and jobs mostly menial, while jobs for workers in their 50s increased evenly in the manufacturing and other sectors.
The KEF said, "Considering that the average wage in the hospitality industry was the lowest across all industries as of 2017, people in their 20s are getting primarily low-paying jobs."
A KEF staffer said, "Employment improved for middle-aged and elderly Koreans, but jobs for young Koreans are not growing. The government needs to create more jobs by getting rid of red tape and allowing more flexibility in hiring."