Korea’s labor market conditions for people aged 60 and older have shown no signs of improvement since the nation was hit hard by the 2008 global financial crisis, data showed.
According to data compiled by the Korea Institute of Finance, the unemployment rate in the age group reached 2 percent last year.
The figure had remained at the 1 percent mark until 2008. But it rose to break the 2 percent barrier and registered 2.4 percent in 2010.
“Due to a lack of preparations for post-retirement life, more senior citizens are searching for career opportunities,” Park Jong-kyu, a KIF researcher, told Yonhap News. “However, there are insufficient jobs for them.”
By Chung Joo-won (email@example.com)