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Health Capacity to Work at Older Ages in the Republic of Korea

Author

Listed:
  • SANG-HYOP LEE

    (Department of Economics, University of Hawaii at Manoa, Honolulu, Hawaii, United States)

  • CHEOL-KON PARK

    (Ministry of Economy and Finance, Seoul, Republic of Korea)

  • HYUN KYUNG KIM

    (Statistics Research Institute, Statistics Korea, Daejeon, Republic of Korea)

  • DONGHYUN PARK

    (Asian Development Bank, Metro Manila, Philippines)

Abstract

Using the Milligan and Wise (2015) and Cutler, Meara, and Richards-Shubik (2013) methodologies, we examine (i) how much would people today with a given mortality rate or life expectancy work if they were to work as much as those with the same mortality rate worked in the past, and (ii) how much could older adults extend their working lives if their health status improved. The results point to a sizable health capacity to work (HCW) among both older Korean men and women. Furthermore, the results imply that HCW is concentrated among more educated urban senior residents with access to the statutory pension system. We explain our results in the context of the Republic of Korea’s labor markets and old-age support systems. The results for the Republic of Korea imply that the previous results for other high-income economies, such as European countries and the United States, may not be applicable to high-income economies with underdeveloped pension systems.

Suggested Citation

  • Sang-Hyop Lee & Cheol-Kon Park & Hyun Kyung Kim & Donghyun Park, 2024. "Health Capacity to Work at Older Ages in the Republic of Korea," Asian Development Review (ADR), World Scientific Publishing Co. Pte. Ltd., vol. 41(01), pages 121-145, March.
    • Handle: RePEc:wsi:adrxxx:v:41:y:2024:i:01:n:s0116110524400067
    DOI: 10.1142/S0116110524400067
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    More about this item

    Keywords

    health capacity to work; old-age support system; pension; population aging; Republic of Korea;
    All these keywords.

    JEL classification:

    • J11 - Labor and Demographic Economics - - Demographic Economics - - - Demographic Trends, Macroeconomic Effects, and Forecasts
    • J14 - Labor and Demographic Economics - - Demographic Economics - - - Economics of the Elderly; Economics of the Handicapped; Non-Labor Market Discrimination
    • J19 - Labor and Demographic Economics - - Demographic Economics - - - Other

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