Kim Yong-gi "Impactful Jobs Needed for Baby Boomer Generation"

After the Special Report on 'Sunja Born in 1958'

[Asia Economy Reporter Hyunju Lee] "Over the next eight years, it is necessary to create elderly jobs with ‘social impact’ for the baby boomer generation, all of whom will be included in the population aged 65 and over. In the future, elderly jobs should develop in a direction that has high social value and can practically contribute to the public good."

The Presidential Committee on Jobs plans to announce measures for elderly jobs containing these contents early next month. Kim Yong-gi, Vice Chairman of the Jobs Committee (61), said in an interview with Asia Economy on the 23rd, "The government’s financially supported job projects are evolving as efforts to support the elderly labor market and at least improve the quality of jobs, and we are working to socially develop them," adding, "We are discussing methods such as the government providing substantial support for the private sector to create elderly jobs, as is the case in Germany."

Asia Economy highlighted the changing aspects of the baby boomer generation through last week’s ‘Born in ’58, Ms. Sunja’ feature. They are likely to form a unique elderly labor market different from existing seniors. Compared to those in their 70s, some baby boomers are more likely to remain in the highly educated labor market, which could lower the elderly poverty rate compared to before. Nevertheless, early retirement is common (according to the supplementary survey on the elderly, the average age at which they left their longest-held job was 49.3 years), and since they generally cannot cover their previous income with only public pension income, they are expected to be in a situation where they must work even in low-wage, poor working conditions.

Baby Boomer Generation Aged 65 and Over
Will Join the Elderly Population Over the Next 8 Years

Elderly Job Measures to be Announced Next Month
Job Projects That Practically Contribute to the Public Good
Plan to Create 1 Million Jobs by 2025

Vice Chairman Kim diagnosed, "Baby boomer women are in a situation where they do not receive national pension benefits because they have no work experience, meaning they are vulnerable in terms of public transfer income compared to men," adding, "Also, since their remaining life expectancy is longer than men’s, situations arise where they become single-person households and become vulnerable."

Vice Chairman Kim viewed that care work, traditionally performed by many elderly women, requires the establishment of a system framework. The Act on Improvement of Employment of Household Workers (Household Workers Act) is a good example. Kim said, "They should receive minimum social security employment insurance benefits so that they can work as independent workers rather than being dependent on individual households or people," adding, "Care work should remain a career, and treatment should change according to skill level, like a grading system."

Vice Chairman Kim also emphasized the importance of policies to prevent career breaks for women. Women in their 20s and 30s show employment participation rates similar to men, but after childbirth and other factors, their rates decrease and then increase again. This contrasts with men, whose employment continues into their 50s. To minimize career breaks, ways to maintain existing jobs as much as possible should be sought.

Kim Yong-gi, Vice Chairman of the Job Committee. / Photo by Hyunmin Kim kimhyun81@

The Jobs Committee will announce lifelong vocational education and training next month. Vice Chairman Kim said, "Most skilled workers in small and medium-sized enterprises are middle-aged and older, and these people need to adapt to remain in the labor market for a long time," adding, "Through social investment and education training, opportunities for education related to the 4th Industrial Revolution should be provided so that they can continue to stay in the labor market." He also said, "Many low-skilled jobs, mostly held by women (in food service, accommodation, retail, etc.), are rapidly being destroyed by the 4th Industrial Revolution," adding, "Appropriate job training should be provided so that women are not disadvantaged in the elderly labor market."

The government plans to create 1 million elderly jobs by 2025. Vice Chairman Kim said, "The proportion of public sector employment in our country is only 9.1%, compared to the OECD average of 21.3%," adding, "We will play an active role in supporting private job creation through R&D investment, scale-up support, and appropriate regulation."