Abstract Background The association between geriatric depressive symptoms and government‐initiated senior employment program (GSEP) according to the income level has not been thoroughly investigated. Identifying it may provide insights into executing senior employment programs and interventions. Method Participants were 9287 adults, 65 or older, who participated in Living Profiles of Older People Survey (LPOPS) 2020. Korean version of the 15‐item Geriatric Depression Scale (SGDS‐K) was used to measure the main outcome, which was geriatric depressive symptoms and its three factors. The main exposure was employment status, GSEP, and the income level. A multiple linear regression analysis was performed. Result Compared to being unemployed, being employed was associated with lower geriatric depressive symptoms regardless of income. In non‐GSEP jobs, higher income was proportionately associated with lower geriatric depressive symptoms but also higher life dissatisfaction. A group of GSEP jobs whose income level belonged to the first tertile (β of geriatric depressive symptoms = ‐1.027, β of life dissatisfaction = ‐0.510) was associated with lower geriatric depressive symptoms and life dissatisfaction compared to all tertiles of non‐GSEP jobs (β of geriatric depressive symptoms of first, second, and third tertile = ‐0.463, ‐0.542, ‐0.576; β of life dissatisfaction of first, second, and third tertile = ‐0.258, ‐0.176, ‐0.142). Conclusion The group of GSEP jobs, whose income level belonged to the first tertile, was associated with lower geriatric depressive symptoms and lower life dissatisfaction compared to all tertiles of non‐GSEP jobs. We expect this result to give insights into implementing government policies and community‐based interventions.