Seoul City 'Good Job 5060' 5-Year Participation of 1001 People, 60% Employment Rate... Sharing 5th Anniversary Achievements

Seoul 50 Plus Foundation Creates Jobs for Middle-Aged and Older Adults... 69% Employment Retention, 58% Reemployment Utilizing Experience

[Asia Economy Reporter Lim Cheol-young] The Seoul 50 Plus Foundation announced on the 26th that it held a performance sharing meeting to review the five-year achievements of the ‘Good Job 5060’ project, which it has been promoting for the past five years in collaboration with Hyundai Motor Group, the Ministry of Employment and Labor, and Sangsangwoori to create jobs for middle-aged and older adults.

‘Good Job 5060’ is a project that provides customized education and employment services to help middle-aged and older adults with professional skills find jobs in small and medium-sized enterprises and the social economy sector. It is a job creation project launched in 2018 to solve the employment issues of middle-aged and older adults through cooperation among private sector (Hyundai Motor Group), government (Ministry of Employment and Labor), public institution (Seoul 50 Plus Foundation), and social enterprise (Sangsangwoori), leveraging each other’s resources and strengths.

At the ‘Good Job 5060’ 2022 performance sharing meeting held yesterday at COEX, key stakeholders including Lee Sung-soo, Head of Business Operations at Seoul 50 Plus Foundation; Im Sung-mi, Head of Management Planning; Lee Byung-hoon, Executive Director of Hyundai Motor Group; Ha Hyung-so, Director of Integrated Employment Policy at the Ministry of Employment and Labor; and Shin Cheol-ho, CEO of Sangsangwoori, along with about 150 graduates, attended the event.

Over the past five years, 1,001 middle-aged and older adults participated in ‘Good Job 5060,’ of whom 565 succeeded in finding employment. The employment retention rate after six months is also 69%. Among all employed participants, 85% secured regular positions with four major social insurances. Fifty-eight percent of the middle-aged and older adults found jobs utilizing their pre-retirement careers. Analysis of participants over the past five years showed an average age of 55.4 years, with 71% male and 29% female. It was confirmed that the participants were middle-aged and older adults with professionalism and capabilities, having an average of 24 years of experience in their respective fields before retirement.

At the event, the achievements in job creation and social impact for middle-aged and older adults over the past five years were shared, and exchange programs were held for ‘Good Job 5060’ graduates who had not been able to meet due to COVID-19. The event introduced the five-year achievements in job creation, shared stories of participants who successfully re-employed through ‘Good Job 5060,’ discussed workplace culture working with the MZ generation, and provided time for alumni exchange who had not met due to COVID-19.

The ‘Good Job 5060’ project model, which is the first in Korea to have four institutions collaborate for middle-aged and older adult job creation, was also featured in the world-renowned social innovation journal Stanford Social Innovation Review (SSIR) under the theme ‘An Ecosystem-Level Approach for Collective Impact ? The Good Job 5060 Program Case.’

Lee Sung-soo, Head of Business Operations, said, “The ‘Good Job 5060’ project, which four institutions have cooperated on for five years with the common goal of solving middle-aged and older adult employment issues, is significant in that it created professional and sustainable jobs utilizing the pre-retirement careers of middle-aged and older adults and presented a new job model for this demographic.” He added, “We will strive to expand jobs that can utilize the capabilities and expertise of middle-aged and older adults and build a healthy job ecosystem for them.”