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Primary objectives of this study were to examine the differences of subjective well-being and to explore variables which account for old people`s subjective well-being by productive activity types such as paid labor, voluntary activity, or caregiving for their grandchildren. Three hundred females aged over 60 who were currently participating in these activities were interviewed.The major results of this study were First, there was a significant difference in subjective well-being by productive activity types. Subjective well-being of volunteers were the highest among the sample. And then subjective well-being of grandchildren caregivers were higher than those of paid laborers.Second, the variables that explained subjective well-being of paid workers were educational level and demand level of activity. Subjective well-being of volunteers were explained by satisfaction with the activity, and demand, control, and support levels of activity. Subjective well-being of grandchildren caregivers were explained by their marital status, income, material reward, control level and support level of activity.