In addition, companies have been voluntarily introducing systems to extend the retirement age, and it has been pointed out that discussions on the retirement age should be moved forward at a faster pace.
According to Statistics Korea and the Ministry of Employment and Labor, the economic participation rate of the elderly last year was
The figure is the highest since the compilation of related statistics began, and has steadily increased from 60.7% in 1989, when the statistics first came into existence.
The retirement participation rate is now at 47.3%. This rate has also been increasing rapidly since exceeding 40% in 2018. Last year, the Labor-Management-Government Committee began discussions on redesigning the retirement age system.
Discussions on the method of extending the term have not progressed due to disagreements between the ruling and opposition parties, as well as between labor and management.
The main party is of the opinion that the debate should be led by the Diet. Labor groups are calling for the extension of the statutory retirement age to 65, while business groups are calling for the introduction of a system of reemployment after retirement.
With the population aging rapidly and the adjustment to the national pension payment age expected to result in a longer period of income gap, a plan needs to be reached quickly.
Professor Jeong Hoon-jung of the Seoul University of Science and Technology's Department of Management said, "There is a severe shortage of workers in places where manpower is needed, and in places where people are successful in finding jobs and there is no need for an extension of the retirement age, there are calls for an extension of the retirement age.
"Taking these points into consideration, we need to redesign the retirement age system in a gradual and discriminatory manner," he said.
2025/02/12 07:05 KST
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