hankyoreh

A queue of cabs wait for fares outside Seoul Station. (Kim Jung-hyo/The Hankyoreh) 

The number of self-employed South Koreans over the age of 60 surpassed 2 million for the first time last year. The increase is due to the sudden influx of older Koreans going into the private taxi or courier service business. 

According to economic data released by Statistics Korea on Thursday, there were 2.73 million registered self-employed workers over the age of 60 in 2023, making for an increase of 75,000 from the previous year. This is the first time that the number of self-employed people over the age of 60 has surpassed the 2 million mark. 

The number of self-employed people in their 50s was 1.55 million. The figure was 1.16 million for people in their 40s; 706,000 for people in their 30s; and 188,000 for people in their 20s. 

This means that people aged 60 and above comprise the largest cohort of the self-employed in the country. Last year, 36.4% of the self-employed were 60 and older. This an increase of 8 percentage points from 2018 (28.4%). 

Among these self-employed seniors, 84.8% (1.75 million) ran one-person businesses. The remaining 315,000 employed at least one person. Small business owners in their 50s who employed people numbered 452,000. The figure was 378,000 for people in their 40s.

The most popular industries for business owners aged 60 and above were farming, fishing, forestry and logging; transportation and storage; and wholesale and retail, in that order. In 2018, it was farming, fishing, forestry and logging; wholesale and retail; and transportation and storage. 

This indicates a rapid increase in people aged 60 and above going into transportation and storage. In 2018, the figure was 190,500. In 2023, it was 305,800, an increase of around 110,000 in just five years. This is likely due to a large number of retirees going into transportation and storage.

By Choi Ha-yan, staff reporter

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