South Korean conglomerates see shift as older workers outnumber youth

New data reveals a significant shift in the workforce of South Korea’s major conglomerates, where the proportion of employees aged 50 and older has surpassed those aged 30 and under for the first time. An analysis by Leaders Index of 132 companies among the top 500 shows that total new hiring fell by 15.3% over a two-year period, dropping from 109,456 in 2023 to 92,680 last year.

This trend is characterized by a sharp decline in youth employment. The share of employees aged 30 or younger fell from 21.2% to 18.3%, while the share of those aged 50 or older rose from 17.5% to 18.4%. This generational reversal is most pronounced in domestic-oriented sectors such as retail, food and beverage, construction, and telecommunications.

In the telecommunications sector, the proportion of workers aged 50 or older reached 25.6%, compared to just 6.6% for those aged 30 or younger. Specific companies like Lotte Shopping and SK Telecom also showed high concentrations of older workers. Conversely, growth industries such as semiconductors and biotechnology saw an increase in youth hiring, with SK hynix reporting a tenfold increase in new hires aged 30 or younger.