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[Anchor Lead]

Statistics show that employees over the age of 60 outnumbered those in their 20s in the second quarter of this year. Here’s more data indicating where the Korean economy stands today.

[Pkg]

Statistics Korea found that the number of employees aged 60 or older stood at over 3.98 million, outpacing the number of employees in their 20s at around 3.8 million. The increased number of workers in their 60s is attributed to the re-entry of retired baby-boomers to the job market for their post-retirement livelihood. In contrast, corporations were reluctant to hire new young workers because of the sluggish economy, which slowed the growth of the number of workers in their 20s. The average yearly pay of Korea's wage earners last year stood at 28,752 U.S. dollars, up 1.5% from the previous year. The new average yearly salary was included in a Federation of Korean Industries report based on data collected from 1,468 workers. The Korean government has been implementing non-smoking measures since the cigarette tax was raised early last year, but cigarette sales in Korea are on the rise once again. According to market research firm Nielsen, nearly 35.4 billion cigarettes were sold in Korea in the first half of this year, a 14% increase from the first six months of 2015. Industry insiders projected that, at the present rate of increase, cigarette consumption will soon return to levels reported prior to the cigarette tax hike.