The monetary value of the country’s household labor services was found to be around a quarter of the country’s gross domestic product(GDP).
According to Statistics Korea’s Statistics Research Institute on Tuesday, the value of household labor services based on 2019 figures stood at 490-point-nine trillion won, or over 374 billion U.S. dollars, equivalent to 25-point-five percent of the nation’s GDP.
By gender, the value of housework by women amounted to 356 trillion won, two-point-six times the value of work by men at 134-point-nine trillion won.
By age, the value of household labor by the working demographic aged 15 to 64 amounted to 83-point-five percent of the total, while the work of those aged 65 years or older amounted 16-point-five percent.
The share of household service value by the elderly, however, was a nearly two-fold increase from 20 years ago.