Bankruptcy by self-employed seniors on rise in South Korea
Bankruptcy by self-employed
Seoul - Yonhap
The portion of self-employed seniors who have gone bankrupt is trending higher due to excessive competition, data showed Friday, raising alarm as a growing number of babyboomers among them are opting to start their own businesses after retirement.
Some 75.3 percent of self-employed businesses that went belly up last year were run by those aged over 50, compared with 70.6 percent in 2011, according to the data by the Korea Financial Telecommunications & Clearings Institute.
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