The Republic of Korea (ROK)'s employed seniors hit a record high amid an increase in desired retirement age to supplement living expenses, statistical ministry data showed Wednesday.
The number of the elderly population aged 55-79 totaled 17.02 million in May, up 570,000 from a year earlier, according to the Ministry of Data and Statistics.
Among the total, the number of economically active elders, including those employed and unemployed, rose 352,000 to 10.36 million.
The employed seniors gained 345,000 to nearly 10.13 million, topping 10 million for the first time since relevant data began to be compiled in 2005. It represented a roughly 1.5-fold growth over the past decade.
Employment rate among the elderly population maintained last year's historic high of 59.5 percent.
The rapidly aging population, coupled with economic needs, drove the elderly workforce to keep working.
The number of seniors who expressed their desire to work in the future was 11.78 million in May, accounting for 69.2 percent of the total elderly population.
It pushed up their ideal retirement age to an average of 73.6 years old in May, up 0.2 from a year earlier.
Of those who desire to keep working, 53.4 percent cited supplementing living expenses as their primary motivation, followed by 36.7 percent choosing the joy of working as their reason.
Of the total elderly population, 52.7 percent received a pension over the past year, but the average monthly pension payout stood merely at 880,000 won (about 620 U.S. dollars).
The payout fell far short of the minimum cost of living for a single-person household that amounted to 1.54 million won.
ROK's employed seniors hit record high amid increase in desired retirement age
The fourth meeting of the APEC Business Advisory Council (ABAC) opened on Saturday in Shenzhen City in south China's Guangdong Province, drawing members who underscored China's expanding leadership in driving trade integration, green energy and multilateral cooperation across the Asia-Pacific.
The three-day meeting has gathered more than 60 representatives from 21 APEC economies, along with nearly 200 experts and accompanying staff, according to the organizer, the China Council for the Promotion of International Trade (CCPIT).
As global trade faces mounting economic headwinds and shifts toward sustainability, international business leaders pointed to China's technological advancements as a crucial catalyst for regional development.
Kasemsit Pathomsak, a Thai representative on ABAC, APEC's private-sector advisory body, highlighted China's contributions to green technology.
"China has played a very important role all along, especially when it comes to the renewable and green initiatives, with solar production, green technology, EVs. China has been very forefront in innovating and bringing this technology to the masses. I think it's very important to try help the world to try and become more green and affordable, to try transition to this green technology," said Pathomsak.
Members also highlighted APEC's vital platform for bilateral and multilateral engagement, fostering commercial bridges across diverse markets.
"As one of the economies that's in APEC, China, as we all acknowledge, is a very important trade partner in this region in both bilateral and multilateral opportunities. For Canada, we see that it is very important for us to establish a proper conduit of opportunities where we can grow together and understand the risks where we have to be clear about where we can and cannot go together. So, we think that APEC is an excellent opportunity where the public sector and the private sector, which I represent, would be able to engage in a deeper conversation on this," said Joseph Fung, an ABAC member from Canada.
Meanwhile, Francisco Suarez Hernandez, an ABAC member from Mexico, praised China's logistical and organizational leadership in hosting the meeting.
"It's really important and China hosting this event is the best example of leading. I think creating a bridge between Mexico, next year Vietnam, and this year China is going to be a great example. We actually hosted ABAC II (Second meeting of APEC Business Advisory Council) this year in Mexico. So, I know the effort," he said.
Founded in November 1995, ABAC is the only non-governmental body with an official advisory role in the APEC Economic Leaders' Meeting, engaging in a formal dialogue and submitting annual policy recommendation reports to APEC leaders.
After the ABAC meeting, Shenzhen will host the 2026 APEC CEO Summit on Nov 17 to 18, drawing the region's top business and government leaders to chart a course for Asia-Pacific prosperity.
This is the third time China has hosted APEC meetings, and the first in 12 years.
Working with other member economies under the theme of "Building an Asia-Pacific Community to Prosper Together," China has focused on three priorities, namely openness, innovation and cooperation, and has hosted more than 300 meetings and events across the country during the year.
ABAC members laud China's role in Asia-Pacific economic integration
