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Korea's aging workforce : Strategies for four key industries

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Frame of Image lation over age sixtyfive in both Japan and Germany was above seventeen percent in 2002, Korea’s aged population had only reached ten percent in 2008. When this figure is over seven percent, a society is generally considered to be aging, and if over fourteen percent, it is consider ed an aged society. Among developed countries, it took between forty and 115
Unit : thousand persons, %
Source : Korea Statistical Office.
years to move from an “aging” to an “aged” society but, if current birth rates continue, it will only take about eighteen years in Korea. In other words, the pace of aging has accelerated faster in Korea than in other developed countries.
2. The Aging Workforce in Korean Manufacturing
cohort had shrunk to less than half of what it was over twenty years ago. The teenage cohort had decreased significantly to 14,000, while the number of those over sixty had ballooned to almost four times that of 1985.
3. The Effect of Aged Workers on Business
The total fertility rate shrank from 1.76 in 1984 to 1.2 in 2008. The share of the Korean population aged twenty to fifty years old will decrease from fifty-one percent in 2005 to forty-three percent in 2020, and then to thirty-three percent by 2035. This will cause a marked decrease in the Korean working population and major labor shortages. The Korean industrial workforce has dramatically changed over the past quarter century. Table 1 shows that, in 1985, the lar gest working age cohort was 20-29yrs. There were a large numbe


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Title Korea's aging workforce
Similar Titles
Sub Title

Strategies for four key industries

Material Type Reports
Author(English)

Song, Byoung Jun

Publisher

[Seoul]:Korea Institute for Industrial Economics & Trade

Date 2010
Journal Title; Vol./Issue KIET Industrial Economic Review(Current issues):vol. 14(no. 6)
Pages 7
Subject Country South Korea(Asia and Pacific)
Language English
File Type Documents
Original Format pdf
Subject Industry and Technology < Manufacturing
Social Development < Employment
Holding KIET; KDI School

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