A retired worker stands on a street in Jongno District, Seoul, Dec. 3, 2024. Korea Times photo by Lee Han-ho
In Korea, a superaged society where those aged 65 or over take up more than 20 percent of the total population, a renewed debate has emerged over what age should be set for retirement.
The discussion resurfaced last month after the ruling Democratic Party of Korea (DPK) floated the idea of raising the retirement age from 60 to 65. The party, however, is taking a cautioned approach and avoiding railroading the policy plan since it is closely related to youth employment. The issue now is balancing longer careers for the elderly with the potential cost of fewer job opportunities for young workers.
Income cliff
The retirement age of 60 is usually observed in the public sector and most private companies, although some companies set their own ages under a labor-management agreement.
