The Number of Elderly Dual-Income Households Has Increased... Most Are Livelihood-Oriented Workers

Only Couples Aged 65 and Over Among Dual-Income Households Increased Last Year
One in Four Elderly Couples Are Dual-Income
11% of Employed Are Aged 65 and Over

[Sejong=Asia Economy Reporter Kim Hyunjung] Since the COVID-19 pandemic, the number of elderly couples where both spouses work has rapidly increased. While the government's expansion of public jobs has had a significant impact, the proportion of 'subsistence work' to cover living expenses is also on the rise. On the other hand, young couples in their 30s and 40s largely left the dual-income group last year due to employment instability and increased caregiving demands.

According to the '2020 Second Half Regional Employment Survey on Dual-Income Households and Single-Person Household Employment Status' released by Statistics Korea on the 22nd, last year, the number of dual-income households aged 65 and over (based on household head) was 679,000, accounting for 25.9% of all married households in the same age group (2,623,000 households). This means that one in four elderly couples are dual-income.

◆Dual-Income Among Young Couples Decreases... Dual-Income Among Elderly Couples Increases= The most notable change last year was that among the five age groups classified by Statistics Korea (15-29, 30-39, 40-49, 50-64, 65 and over), only those aged 65 and over showed an increase in both married and dual-income households.

The total number of married households in South Korea is 12,332,000, and the number of dual-income households last year was 5,593,000, a decrease of 69,000 households compared to the previous year. Based on the proportion of dual-income households among married households, it declined by 0.6 percentage points from 46% to 45.4%. This proportion increased only in the 30-39 age group (50.2%→51.3%) and the 65 and over group (25.5%→25.9%). However, in the 30s age group, the total number of married households itself decreased by 5.3%, from 1,840,900 to 1,751,000 households, which had a significant impact. The number of dual-income households decreased by 31,000, a smaller decline compared to the decrease in married households.

The increase in elderly dual-income couples is largely due to the decrease in face-to-face service jobs, which employ many people in their 30s and 40s, and the active expansion of public jobs operated by the government through taxes. A Statistics Korea official explained, "The overall employment trend reflects the decrease in face-to-face service jobs and the increase in public work supply."

◆11.3% of All Employed Are Aged 65 and Over= The proportion of elderly workers in the overall employment market is also rapidly expanding. According to Statistics Korea, the share of those aged 65 and over among all employed persons rose from 7.8% in 2016 to 8.1% in 2017, 8.6% in 2018, 9.3% in 2019, and reached 10.3% last year. As of May last year, it surged to 11.3%, marking an all-time high.

The number of elderly workers aged 70 and over has also increased. Since related statistics began in 2018, the number of employed persons aged 70 and over was about 1,219,000, rising to 1,356,000 in 2019, 1,481,000 in 2020, and reaching 1,655,000 as of May.

◆Labor Income Accounts for Over 20% of Elderly Income= The role of labor income in elderly income is also gradually increasing. According to the '2020 Elderly Survey' recently released by the Ministry of Health and Welfare, the proportion of labor income in income sources jumped from 13.3% in 2017 to 24.1% last year. Regarding reasons for economic activity, 73.9% cited 'to cover living expenses,' suggesting that most participate in subsistence work.

Park Kyungha, head of the Research and Survey Center at the Korea Senior Human Resources Development Institute, said, "Our country's old-age income security system, where public pension schemes play a cornerstone role, is insufficient to reduce elderly poverty rates." He expressed concern, saying, "The retirement of the baby boomer generation will accelerate population aging, and the demand for jobs that the labor market cannot accommodate is likely to increase significantly."

This content was produced with the assistance of AI translation services.