The number of Korean people in their 50s and older either working or seeking employment surpassed the 10 million mark for the first time, data showed Tuesday.

According to Statistics Korea, the economically active population over age 15 as of the third quarter of this year reached around 27.2 million, with 11.1 million being 50 and older.

The economically active population under 39 was 10.2 million, a 0.2 percent decrease compared to the same quarter in 2014.

This is also the first time the number of people employed who are over 50 surpassed that of those under 39.

Experts suggest that the changes are due to decreasing birth rates while baby boomers (born 1955-1963) entered their 50s.

They also added that baby boomers are still working because they have not been able to save for their retirement, being responsible for supporting their parents and children at the same time.