S. Korea Ranks Low in OECD in Labor Participation of Youths

Write : 2017-09-12 11:07:54 Update : 2017-09-12 14:03:08

S. Korea Ranks Low in OECD in Labor Participation of Youths

Recent OECD data showed a low rate of labor participation by young Koreans, but a high rate for its elderly. 

The data showed that the labor force participation rate of South Korean youths aged 25 to 29 was 76-point-seven percent last year.
This ranks 31st tied with Chile in the 35-member Organization for Economic Cooperation and Development(OECD).
According to the data released Tuesday, the OECD average for the labor participation rate of youths in their late 20s was 80-and-a-half percent.
The participation rate for South Koreans aged 30 to 34 was 77-point-seven percent, slightly higher than those in their late 20s, but still ranking near the bottom at 32nd in the OECD. 
The OECD average for the early 30s age bracket was significantly higher at 82 percent while the top six ranking countries hovered above 90 percent.
However, South Korea ranked second in the OECD last year in the labor participation of senior citizens 65 and older at over 31 percent, or more than double the OECD average of just over 14 percent. 
Iceland had the highest rate with over 40 percent of its seniors taking part in the work force.
The wide gap in the figures between Korea's youth and elderly population is believed to be due to a tight job market for young people while seniors don't find themselves in a financial situation to let go of their jobs. 
The labor force participation rate refers to the percentage of people above the age of 15 who are either employed or looking for employment. 

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