ROK stocks close higher on Wednesday

The stocks of the Republic of Korea (ROK) closed higher on Wednesday.

The benchmark Korea Composite Stock Price Index (KOSPI) climbed 239.31 points, or 3.76 percent, to close at 6,598.26, and the tech-heavy KOSDAQ Index rose by 18.87 points, or 2.42 percent, to finish at 799.59 points.

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.