Young Workers in South Korea: A Dwindling Presence in Major Companies

As South Korea’s population continues to age, a report released Wednesday revealed that the percentage of workers in their 20s employed by major companies has dwindled to roughly one in five in 2024.

According to CEO Score, a local corporate data analysis firm, this figure has steadily declined from 24.8 percent in 2022 to 22.7 percent in 2023, before reaching 21 percent last year. Conversely, the proportion of workers in their 30s has consistently risen, climbing from 75.2 percent in 2022 to 77.3 percent in 2023, and further to 79 percent in 2024.

These findings are based on an analysis of sustainability reports submitted by 67 of South Korea’s top 100 corporations by sales, examining employee numbers and age demographics from 2022 to 2024.

Over half of the surveyed firms, 38 companies or 56.7 percent, reported a decrease in employees in their 20s. The actual number dropped from 291,235 in 2022 to 243,737 in 2024. In contrast, the number of workers in their 30s increased from 880,747 to 915,979 during the same period.

Samsung Display experienced the most dramatic decrease in the share of 20-something workers, plummeting from 43.8 percent in 2022 to 28.4 percent in 2024. SK On followed with a drop from 37 percent to 24.7 percent, while LG Innotek saw a decline from 43.9 percent to 35 percent over the same period.

Bucking the trend, Hanwha Aerospace more than doubled its percentage of workers in their 20s, rising from 7.5 percent in 2022 to 15.8 percent in 2024. LX International and SK Energy also saw increases, from 14.3 percent to 21 percent and 13.1 percent to 18.4 percent, respectively.

However, it’s worth noting that most companies showing significant increases in young workers started from a very low base. Among the 10 companies with the largest increase in 20-something workers, only Hyundai Glovis (23.3 percent in 2024) exceeded the overall average of 21 percent for that year.

\”With growing economic uncertainty, many companies have either eliminated or scaled back their regular hiring processes for new employees, opting instead for on-demand hiring,\” said Cho Won-man, CEO Score’s chief. \”They also tend to prefer candidates with some work experience.\”

Behind the Trend
Major South Korean companies traditionally conduct an annual hiring process for entry-level recruits known as \”gongchae,\” or open recruitment, which has long served as the primary gateway for new college graduates entering the workforce.

However, recent reports indicate that the job market for young people in the country has contracted significantly. A December survey by job-search platform Incruit, involving 707 companies, revealed that only 64.6 percent hired fresh college graduates, down from 75.4 percent in a similar survey conducted in 2021.

A February survey by the Federation of Korean Industries found that about 19.8 percent of the top 500 companies by sales had no plans for open recruitment in the first half of 2025. Additionally, 41.3 percent of these companies stated they did not yet have specific hiring plans.

South Korea’s rapidly aging population is another contributing factor to this trend.

Government data released in December showed that the country had officially become a \”super-aged society,\” with exactly 20 percent of its citizens aged 65 or older. Further data from the Ministry of Interior and Safety in January revealed that the average age of South Koreans was 45.3 years as of 2024.