By Cynthia Kim

SEOUL (Reuters] – Kim Jungmi is 69 years old and has three jobs. First, she drives a toddler from kindergarten to her home every day for $9 an hour. Second, she cleans vegetable shelves at a kimchi store. Sometimes, she takes her dog for a walk.

This kind of gig work by elderly has enabled South Korea to record a run of 2.7% unemployment through February. Nearly half the job gains were driven directly or indirectly by older people.

While the trend to part-time, low-paid work is a worldwide phenomenon, South Korea is at the top of OECD’s scale that measures the rate of temporary employment for persons 65 years and older. 69% is more than the 38.1% average in Japan, and 13.2% on the peer group.

Experts believe that there is a fragile economy in America because of the heavy concentration of employment increases among the elderly.

Kim said, “I’m aware that I’m not paid well compared with some of the younger people in this area. But where would I go if there’s no way to take advantage of this opportunity?” Kim added that she’s happy in her current roles after having worked as a cleaner.

Kim has no social security benefits and is not eligible for wage rises. These jobs don’t do much to increase the country’s consumption as most of Kim’s generation are struggling to escape poverty.

It highlights another problem that Asia’s fourth-largest economic region faces: The United Nations projects that Asia’s share of seniors will be the greatest by 2050.

It is most likely that the country’s seniors will become suicidal. In Korea, the relative poverty rate among 65-year olds and older is one of the highest in OECD. About 45% live on half of the median income.

The wages are not increasing. Statistics Korea reports that the nominal increase in South Korea’s wages was 1.7% last-year, compared to 0.3% for 2020.

Yoon Jeeho, an economist at Citi based out of Seoul, believes the high level of poverty is indicative structural weakness.

Yoon stated that Korea’s over 65-year-olds are more likely to be in poverty than other major countries due to the lack of coverage for their pensions and a dearth of private savings.

This demographic squeeze isn’t unique.

Japan has seen an increase in senior citizens. 13% are now 65 years or older. This is up from just 9% in 2012. Part-time workers fill roles like cleaners, taxi drivers or shop clerks.

James Cho is the CEO of “Pleasehelp,” a Korean platform that connects job-seekers to errand jobs. He says people at the edge of retirement have just as much work as those in their 20s or 30s when it comes to job hunting.

Cho explained that no one is too old to make money. As long as you can use your smart phone, anyone can do it. He also mentioned the many different gigs available, such as taking cockroaches out, fighting, or delivering food orders.

Yoon Suk-yeol is the Conservative president-elect. He promised stability and private-sector-led job growth. In 2021, an expansion of 42% was recorded in the economy. The minimum wage in Korea today stands at 42%, compared to 5 years ago.

As the population ages, more elderly people are requiring social welfare services at a time where tax revenues and workers are declining.

“Retirement? Kim explained, “I’m not certain if that is possible; I will likely be working as much as I can.”