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Jobless Rate for Elderly Rises
By Lee Hyo-sik, The Korea Times
South Korea
June 21, 2005
The number of jobless aged 60 or older has increased over the past year as a growing number of the elderly are entering the job market amid the prolonged sluggish domestic economy.
Unemployed South Koreans aged over 60 reached 41,000 as of the end of May, up 47.3 percent, or 13,000, from a year earlier, according to the National Statistical Office (NSO) yesterday.
The number of jobless in their 40s stood at 150,000, up 14.8 percent, or 20,000, from a year before, while those in their 30s rose by 11.5 percent, or 20,000.
But the number of jobless in their 20s fell 10.7 percent, or 38,000, and those aged 15 to 19 also dropped 6.4 percent to 26,000.
The overall number of unemployed stood at 811,000 in May, up 2.9 percent, or 23,000, from the same period last month.
More senior citizens want to continue to work these days with increasing life expectancy over the years as a result of health-conscious diets and improved medical services.
But for some, they need to earn additional income to survive as their savings and pension payments are not enough to support their livelihood.
"The elderly are having a tough time finding employment because companies would rather hire younger workers who are desperate to get jobs amid the bleak job market. An increasing number of middle-aged Koreans are also looking for jobs as they are forced to retire earlier, pushed out by intensifying competition," an NSO official said.
The official added that the government needs to implement more support measures, including various retraining programs, to help the older workers find employment.
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