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Number of salaried workers in 50s exceeds younger people in Korea

December 1, 2014
(NEWSis)

The number of salaried workers in their 50s exceeded those in their 20s, pointing to tougher employment conditions for younger generations. (NEWSis)

SEJONG (Yonhap) — The number of salaried workers in their 50s exceeded those in their 20s, pointing to tougher employment conditions for younger generations.

According to the recent data released by Statistics Korea, salaried workers in their 50s stood at 3.03 million last year, compared with 3 million for those in their 20s.

This marked the first time that workers in their 50s surpassed those in their 20s since related data started to be compiled in 2011.

Last year, the total number of salaried workers came to 16.5 million, up 3.7 percent or 583,000 from a year earlier.

The increase came mostly from older generations, while younger people saw fewer jobs available.

Workers in their 60s and older jumped 14.1 percent from a year earlier and those in their 50s also increased 8.1 percent. But workers in their 20s shrank 0.8 percent over the same period, the data showed.

Younger people in South Korea are facing tougher labor market conditions than other age groups. The country’s jobless rate was 3.2 percent in October but the rate for those aged 15-29 stood at 8 percent.