SEOUL, KOREA - The number of small enterprises run by those in their 50s or older has increased by more than 170,000 last year.

 

That's because the baby boomers who were born between 1955 and 1963 have plunged into self-employed businesses in food services, lodging, and retail without finding new decent jobs.

 

According to data released by the National Statistical Office on September 26, the total number of businesses including factories, restaurants, hotels, retail stores and the like as of the end of 2013 was 3,679,000, up 2.1 percent (76,000) from a year ago. The number of those working in these establishments was 19,095,000, up 2.8 percent (525,000) from the end of 2012.

 

Of these, the number of those operations whose owner is over 50 years old was 11.4 percent (143,000) higher than the previous year to 1,399,000. Those businesses run by an owner over 60 years old were up 4.4 percent (27,000) to 628,000.

 

By industrial sector, the number of those in the retail and wholesale sector including clothing stores and convenience stores rose 3.3 percent (92,000) to 2,866,000. The number of those employed in lodging and food service industries also increased 75,000 to 1,990,000.