Signal Youth and core-age labour force shrink while workers aged 55 and over surge to 2033

Summary

KEIS projects a sharp generational reshuffle in Korea's labour force between 2023 and 2033. The youth labour force aged 15 to 29 falls from 4.142 million to 3.575 million by 2028 and to 3.188 million by 2033, a loss of about 954,000. The core group aged 30 to 54, which has been shrinking since 2015, declines from 15.502 million to 14.665 million over the decade. By contrast, the labour force aged 55 and over grows by about 1.36 million by 2028 and a further 678,000 by 2033, reaching 11.598 million. Growth is fastest among people aged 70 and over, whose labour force is projected to expand by an average of 5.9 percent a year.