The number of senior workers in South Korea topped the 10 million line for the first time in the second quarter as a protracted slowdown forced them to remain employed even after retirement, government data showed Monday.

A total of 10.08 million people employed are 50 years old or older as of end-June, up 272,000 from a year earlier, according to the data compiled by Statistics Korea. In the third quarter, the number gained 325,000 to reach 10.21 million to account for 38.5 percent of the country's total employment.

It is the first time that the number of elderly employees surpassed the 10 million mark in South Korea amid a rapidly aging population.

The number of senior workers has been on a steady rise for a decade, with 6.49 million in the second quarter of 2006, 7.09 million in 2008 and 8.18 million in 2011.
Market watchers said the increase was led by the baby-boom generation, a segment of the population defined as people born in 1955 and 1963.

This particular generation is larger than other age groups and is staying in the job market even after retirement to support themselves, while new corporate hiring of the young people has slowed from a protracted economic downturn.

The number of baby boomers totaled 8.2 million as of end-September, up 113,000 from a year earlier, while those in their 30s and 40s saw their population retreat by 88,000 and 56,000, respectively.

"The baby boomers have failed to prepare for their post-retirement life," said Park Yoo-soo, a researcher at the state-run Korea Development Institute. "As a result, they still remain in the job market." (Yonhap)