Workers in their 50s outnumber those in their 20s at Korea's largest companies for first time

For the first time in Korea’s corporate history, workers in their 50s now outnumber those in their 20s at the country’s largest companies.

Students look at company information at a career event at Hannam University in Daedeok District, Daejeon, on July 1. [NEWS1]

For the first time in Korea’s corporate history, workers in their 50s now outnumber those in their 20s at the country’s largest companies, as new hiring slows and older employees stay on longer.

According to work force data analyzed by Leaders Index, a corporate analytics firm, released Tuesday, the share of workers under 30 at 124 of Korea’s top 500 firms fell to 19.8 percent in 2024. That's down 1.2 percentage points from the previous year — and the first time it has dropped below 20 percent since the survey began in 2015.

In contrast, the share of employees aged 50 and older rose 0.6 percentage points during the same period, reaching 20.1 percent. It is the first time that older employees outnumber their younger counterparts.

The number of workers under 30 has been falling for three consecutive years. In 2022, there were 235,923 employees in this age group, accounting for 21.9 percent of the work force. That number declined to 230,888, or 21.0 percent, in 2023, and fell further to 221,369, or 19.8 percent, in 2024.

During the same period, the number of employees aged 50 and older steadily increased. In 2022, they numbered 206,040, making up 19.1 percent of the work force. That rose to 214,098, or 19.5 percent, in 2023, and to 224,438, or 20.1 percent, in 2024.

Job seekers look at a hiring bulletin board at the 2025 Seoul Job Fair for Middle-aged People at Dongdaemun Design Plaza in Jung District, central Seoul, on July 1. [NEWS1]

The generational divide was most pronounced in the secondary battery industry. Over the past three years, the share of workers under 30 in the sector dropped by 9.7 percentage points, a decrease of 7,789 employees. In contrast, the proportion of workers aged 50 and above rose by 1.2 percentage points, or 496 employees. The resulting generational gap reached 10.9 percentage points.

The IT and electronics sectors showed a similar pattern. The proportion of workers under 30 declined by 5.4 percentage points, or 15,300 people, while the share of those aged 50 and older increased by 3.1 percentage points, or 6,933 people. The overall age gap in this sector widened to 8.5 percentage points.

“With the economic slowdown, new hiring has stalled in key sectors like secondary batteries and IT,” said Park Ju-geun, head of Leaders Index.

“Meanwhile, retirements among older workers are being delayed, accelerating aging within corporate workforces. We’ve reached a turning point where generational proportions are reversing,” Park added.

Translated from the JoongAng Ilbo using generative AI and edited by Korea JoongAng Daily staff. BY JEONG JAE-HONG [kim.juyeon2@joongang.co.kr]