1/3 of Elderly Workers Make Less Than Minimum Wage

Published on 2016/12/25 | Source

Three in every 10 workers over 55 make less than the minimum wage, a report says.

Some 28.9 percent of older workers did not earn the legal monthly minimum wage of W1.26 million this year, according to a report by the Korea Labor Institute on Sunday (US$1=W1,187).

Some 42.2 percent did not earn two-thirds of the median earnings of all wage earners, and a whopping 53.8 percent are temporary workers.

The institute said the reason is that many take menial jobs like cleaners, janitors, and caregivers.

The proportion of older workers increased from 46.7 percent in 2005 to 52.4 percent this year as many struggle to make ends meet after retirement.

"The government and private firms need to seek ways to help elderly workers with little or no life savings earn more income", Kim Bok-soon of the institute said.