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Manufacturing Workforce Aging Fast

Korea s manufacturing workforce is aging rapidly amid the declining birthrate and a longer life expectancy. The pace of aging is faster than in Japan, which has the world s oldest population, sparking worries that the growth potential of the Korean economy could be rapidly diminished. According to the Korea Economic Research Institute, the average age of the manufacturing workforce increased by 6.6 over the last 20 years, from 35.5 in 1999 to 42.1 in last year. Japan s rose only 2.3 years from 40.4 to 42.7 during the same period. That means Korea s manufacturing workforce is aging 2.9 times faster than Japan s and may be older by 2022.

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