The Era of 7 Million Working Seniors. (Image courtesy of Yonhap)
SEOUL, Feb. 3 (Korea Bizwire) — A majority of South Koreans aged 50 and older support extending the mandatory retirement age, with most favoring work beyond the current threshold of 65, according to a new survey by the National Pension Research Institute.
Analyzing supplemental data from its 2024 National Old-Age Security Panel Survey, the institute found that 66 percent of respondents backed raising the retirement age, while 34 percent opposed it. Support was consistent across gender lines, with roughly two-thirds of both men and women in favor.
Older age groups expressed stronger support. While approval hovered around the mid-60 percent range among people in their 50s and early 60s, it climbed to about 70 percent among those aged 65 to 74. Non-employed respondents were more likely to support retirement-age extensions than those currently working.
Those who favored extending retirement said they hoped to work until an average age of 66.3—above the current eligibility age for public and basic pensions. Respondents aged 70 to 74 reported the highest preferred retirement age, at nearly 67.
An elderly job seeker receives employment counseling at a job fair. (Yonhap)
Support was broadly similar across education levels and regions, though residents of Seoul expressed slightly stronger approval than those in other areas.
The survey also examined awareness of government-funded senior employment programs. More than 80 percent of respondents aged 65 and older said they had heard of such programs, but over half said they were not familiar with the details. Only 15.5 percent had ever applied, with women more likely than men to have done so.
Interest in future participation varied sharply by experience. About three-quarters of those who had previously joined senior job programs said they would do so again, compared with just 12.9 percent among those who had never participated.
The findings underscore growing public support for longer working lives in a rapidly aging society, as policymakers weigh reforms to retirement and labor-market systems amid demographic pressures.
A senior citizen fills in a job application form during a job fair in Seoul on Dec. 13, 2023. (Image courtesy of Yonhap)
M. H. Lee (mhlee@koreabizwire.com)
