[Inside Chodong] The Working-Age Population Cliff: The Gray Rhino Approaches

We asked the HR departments of several companies. When asked what their biggest concern was while observing the hiring scene in the second half of the year, the answer "the crisis of engineering colleges" was always mentioned. It was a story from universities that many engineering students are switching their majors to medical schools as the government decided to increase the number of medical school admissions.

Although engineering students will not disappear overnight, there is concern that if top talents move to medical schools, the competitiveness of the average engineering student will decline. This trend, if prolonged, could gradually lower the competitiveness of companies that hire many engineering graduates. However, it is not fair to blame the students flocking to medical schools. Cases of specialized technical personnel working in companies moving overseas are not new.

It is difficult for companies alone to block the outflow of talent in science and engineering fields. The reasons for choosing overseas transfers are complex, including high salaries, comfortable working environments, generous welfare benefits, opportunities for self-realization, and work-life balance. For them, the spirit of "corporate patriotism," contributing to the country through the company, is just a faded cry.

The phenomenon of talent disappearing is not limited to engineering colleges. Signs indicate that in the near future, even hiring people itself will become difficult. This is because the working-age population is rapidly decreasing. According to a study released by the Korea Future Population Research Institute last May, the working-age population aged 15 to 64 will decrease from 36.57 million in 2023 to 27.17 million in 2044, a reduction of 10 million over 20 years.

Imagine that one out of every four workers around you disappears. The remaining people will face a choice: whether to work more or to reduce the amount of work. When that time comes, issues like the "52-hour workweek" or "six-day workweek" will no longer be about productivity or efficiency.

Due to rapid aging, a significant portion of economic activity is already dominated by the elderly. Last month, the number of employed people aged 60 and over reached 6.74 million, surpassing the previous record. For the first time since statistics began in 1982, this number exceeded that of people in their 50s (6.72 million). Employment among people in their 20s (3.569 million) and 30s (5.473 million) continues to decline.

Whether sustainable human resources can be secured is not just a challenge for companies. It is a serious issue that must be addressed nationally. Specialized technical positions are essential in most fields designated as national strategic technologies, such as artificial intelligence (AI), semiconductors, and advanced mobility. Although AI and robots are increasingly replacing humans, the people who create them might disappear first.

The cliff of the working-age population is feared to lead to "shrinkonomics," a long-term low-growth scenario where consumption vitality decreases and the domestic market collapses. Everyone knows and can imagine this, but no one has presented a clear solution. It is regrettable that there is no caretaker in the current government capable of properly handling this "gray rhino" blocking our path.

The 2025 College Scholastic Ability Test is just a few days away. We must find a way to nurture young talent and create a society that can embrace them before it is too late.