Senior job seekers looking at a bulletin board containing information on job posts at a job fair held in the southeastern port city of Busan. (Yonhap)
SEOUL, Jan. 31 (Korea Bizwire) — More than six out of every ten South Koreans continue to work after retirement, which is high compared to other developed countries.
The Credit Suisse Research Institute (CSRI) conducted an online survey in September last year of 1,000 people with voting rights in 16 countries, including South Korea, the U.S., Canada and Germany.
The survey asked the participants about their thoughts regarding retirement.
According to the survey, 63 percent of Korean respondents said they want to continue working after retirement age. This was the third-highest among the surveyed countries after India (75 percent) and Indonesia (65 percent).
On the other hand, Germany (18 percent), Canada (25 percent), and Switzerland (28 percent) had a low percentage of respondents who wanted to continue working after retirement.
The average ratio of respondents who said they want to work even after retirement was 53 percent in developing countries and 28 percent in advanced countries.
When asked if each country’s social security system has improved or worsened over the past decade, 53 percent of respondents in developing countries said it has worsened.
Meanwhile, in advanced countries, 43 percent of the respondents said their social security system had deteriorated.
In addition, 46 percent of respondents in advanced countries and 49 percent of those in developing countries said they were uncertain or anxious when asked if they had a big enough nest egg to stay comfortable after retirement.
Some 44 percent of respondents from developing countries and 40 percent from advanced countries said they expect personal savings and investment to become major sources of income for their old age.
The percentage of respondents who expected social security as the main source of income was 28 percent in advanced countries and 23 percent in developing countries.
“In developing countries, there is a stronger desire to continue working beyond the normal retirement age than in developed countries,” the CSRI said.
Lina Jang (linajang@koreabizwire.com)
