Thursday, March 03, 2005

South Korea: Aging Workforce and Global Competitiveness

The Korea Institute of Industrial Technology Evaluation and Planning (ITEP) is reported as finding that that Korea’s manufacturing workforce will soon begin to age at a quicker rate, and like Japan, people in their early 50s will make up the biggest share of the working population in the manufacturing industry in the next 5-10 years. According to an article by Kim Sung-jin, ITEP notes that "With the pool of workers expected to decrease in coming decades due to declining fertility and longer life spans, the Korean working-age population will face twin challenges of supporting retired elderly citizens and boosting productivity to maintain economic growth."

Source: "Aging Workforce Poses Big Challenge to Economic Growth" Korea Times (March 2, 2005)

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