Elderly Boost Household Productivity by Caring for Kids

      December 06, 2023 09:42

      Elderly Koreans increasingly take care of their grandchildren while the kids' parents both earn a living, data shows.
      The hours elderly Koreans spend on household chores such as laundry, cleaning and childcare has surged 6.7 times over the last 20 years if converted into money, according to Statistics Korea. 
      With the value of household labor estimated at W490.9 trillion, the equivalent of a quarter of Korea's total GDP in 2019, senior citizens accounted for W80.9 trillion, 6.7 times the estimated value in 1999 of W12.1 trillion (US$1=W1,311). 
      Their contribution in the total value almost doubled from 8.4 percent to 16.5 percent over the two decades.
      Per-capita household labor value peaks at W16.9 million at 38 and declines to W11 million between the ages of 55 and 60. But then it rises again to W12 million at 65.
      "An M-shaped pattern emerges as increasing numbers of people over 60 who do not live with their grandchildren look after them nonetheless," Statistics Korea said. 
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