SEOUL, Nov. 5 (Korea Bizwire) — South Korea’s ruling party is moving swiftly to legislate an extension of the retirement age to 65 by the end of the year, backed by the nation’s two largest labor unions. But the country’s major business groups are warning that the proposal could amplify management uncertainty and deepen structural problems [...]
SEOUL, July 24 (Korea Bizwire) — As South Korea debates a proposal to raise the statutory retirement age from 60 to 65, a new survey reveals a stark generational divide over how such a change could impact youth employment. According to findings released Wednesday by the Korea Employers Federation (KEF), 61.2% of unemployed young job [...]
SEOUL, May 14 (Korea Bizwire) — South Korea’s political and labor circles are locked in heated debate over a proposal to raise the legal retirement age from 60 to 65, reflecting growing tensions between an aging population and youth employment concerns. The issue, reignited during Labor Day remarks by Democratic Party leader Lee Jae-myung, has polarized [...]
SEOUL, Jan. 25 (Korea Bizwire) — South Korea’s semiconductor industry is establishing a system to allow high-caliber engineers to continue to work even after retirement age as part of efforts to cope with talent leaks. SK hynix Inc. recently created a “master” position, which is the highest career level among field workers at semiconductor production [...]
SEOUL, Feb. 15 (Korea Bizwire) — With global competition heating up in major industries, including semiconductors, an increasing number of South Korean tech companies are removing the retirement age for some employees as part of efforts to retain high-caliber engineers with decades of experience. Samsung Electronics Co. plans to implement the ‘senior track’ system this [...]
SEOUL, Sept. 30 (Korea Bizwire) — Six in 10 South Koreans support a proposed extension of the legal retirement age, currently set at 60, to 65, a poll showed Monday. The poll of 1,539 adults aged 19 to 64 conducted by the Korea Institute of Public Administration from Sept. 2-11 found that 61.1 percent are [...]
SEOUL, Jul. 24 (Korea Bizwire) — A debate on extending the retirement age is emerging as a major social issue, but even the current 60-year-old age-limit system is not being put to use by most companies. According to a survey of 382 companies conducted by job matching platform, Saramin, only 39.5 percent said they were [...]
SEOUL, Jun. 26 (Korea Bizwire) — With some two years left before his retirement, Park Young-joon (an alias) is preparing for the next chapter of his life, harboring hopes that he could get a chance to work after he turns 60. The 58-year-old Park, who works at a state-run bank, earned a doctorate in economics [...]
SEOUL, Dec. 28 (Korea Bizwire) — SK hynix Inc. has announced new policy to continue employing outstanding engineers past retirement. A number of selected engineers will be able to continue to work without having to retire. Currently, the retirement age at SK hynix is 60. Experts argue that the new measure aims not only to [...]
SEOUL, Nov. 11 (Korea Bizwire) — The average retirement age set by South Korean big businesses reached 60.2 in 2017, up significantly from 57.5 in 2013, a report by a parliamentary research service showed Sunday. According to the National Assembly Research Service (NARS), the official age of retirement for companies with more than 300 people [...]