韩国央行-不断增长的老年人雇主人口：原因和政策回应（英）

No. 2025-12 BANK OF KOREA BOK Issue Note May 15, 2025 The Growing Elderly Self-Employed Population: Causes and Policy Responses Lee Jaeho Economist, Macroeconomic Analysis Team, Research Department, Bank of Korea Tel. 02-759-5223 jaeho.lee@bok.or.kr Jeong Dongjae Economist, Monetary Policy Board, Bank of Korea Tel. 02-759-4749 djjeong@bok.or.kr Ahn Byeongtak Junior Economist, Macroeconomic Analysis Team, Research Department, Bank of Korea Tel. 02-759-5233 abt@bok.or.kr 1. Korea’s so-called second baby boomer generation (born between 1964 and 1974, totaling 9.54 million), the country’s largest single age cohort, began reaching the statutory retirement age of 60 last year and will continue to do so in a phased manner over the next decade. Given the shortage of regular wage jobs for retirees, a significant portion of this generation is expected to turn to self-employment to sustain their livelihoods. Consequently, the number of self-employed individuals aged 60 and over is projected to increase from 1.42 million in 2015 to an estimated 2.48 million by 2032, likely leading to a sharp slowdown in the steady decline in the self-employment rate observed since the early 2000s. 2. A key concern is that elderly self-employed individuals are generally less prepared for business ownership than other age groups and are disproportionately concentrated in vulnerable sectors such as transportation and storage, accommodation and food services, and wholesale and retail trade. As a result, they tend to experience lower profitability and carry higher debt burdens. Moreover, many who exit self-employment due to business closures and other factors often transition into temporary employment or day labor, highlighting their limited prospects for economic recovery following business failure. Accordingly, a sharp increase in the number of elderly self-employed individuals poses a significant risk not only to financial stability but also to economic growth. 3. Analysis indicates that many elderly individuals transitioned into self-employment after retirement with “the expectation of being able to continue working for longer than in regular wage employment.” When self-employed older adults returning to work are categorized by pension income and working hours, about 46 percent fall into livelihood-oriented self-employment—characterized by low pension income (KRW 790,000 per month) and long working hours (46 hours per week). These livelihood-oriented self-employed workers are largely concentrated in vulnerable sectors and face intense market competition. Nevertheless, they place the highest priority on the “prospect of continuous employment” and exhibit a strong willingness to remain economically active in order to compensate for inadequate retirement readiness. 4. Therefore, to mitigate macroeconomic risks associated with the growing trend of self-employment among retirees, it is crucial for labor, management, and the government to collaborate in fostering an environ