Koreans' Earnings Peak at Age 44

  • By Kim Jung-hoon

    November 26, 2021 09:06

    Koreans on average start earning more than they spend at the age of 28 and their wages peak at 44, but they slip back into the red after 60, according to a comprehensive study by Statistics Korea.

    A decade ago these things happened earlier in life -- at 27, 39 and 56 -- but the timeframe has shifted due to aging society and a tight job market for younger people.

    Commuters bundle up against the cold in Seoul on Friday. /Yonhap

    The study also shows the government's fiscal spending on each age group.

    Out of W147 trillion in taxes collected from the working-age population in 2019, W71 trillion was spent on children under 14 and W76 trillion on senior citizens over 65 (US$1=W1,191).

    W46 trillion in taxes was spent on children's public education, W30 trillion on healthcare for the elderly and W25 trillion on pensions.

    A decade ago, W45 trillion in taxes was spent on children and W29 trillion on the elderly.

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