Approximately a third (31%) of people in South Korea aged 65 or older held low-wage jobs, such as cleaners or security guards for flats, last year after their retirement, reports the Korea Herald, citing data from the Korea Development Bank. The data showed a rising poverty rate among older adults in fast-ageing South Korea, already highest among members of the Organisation for Economic Cooperation and Development. Senior men who held low-wage jobs after their retirement quit at an average age of 72.9, while senior women quit their jobs at an average age of 73.1, which were also the highest among OECD members. South Korea has a high elderly employment rate as many seniors work to help cover their living costs. OECD data for workers aged 65 or older, found that the employment rate for this age group reached 30.6%, according to the latest available data from 2015. This was second among OECD members after Iceland’s 38.7%. The OECD average stood at 13.8%. South Korea’s poverty rate for the elderly is also high as many seniors land low-paying jobs. The rate came to 63.3% in 2015, the highest among OECD nations.

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