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 [...]
SEOUL, Oct. 8 (Korea Bizwire) — A new survey has found that while non-retirees predicted their retirement age to be 65 years old, actual retired respondents had to quit work at 57. In addition, the survey found that 1.98 million won was the minimum monetary amount needed per month after retirement to cover daily expenses. [...]
SEOUL, June 2 (Korea Bizwire) – Although this year was supposed to mark the beginning of a ‘retirement in your 60s’ cultural shift, current workers have projected their own retirement age to be barely over 50. ‘Job Korea’, an employment portal website, conducted a survey on 1,405 employees of both genders with the question, ‘Considering the current [...]
SEOUL, Dec. 17 (Korea Bizwire) – Survey results revealed that seven out of ten large corporations with more than 300 employees would try to reform their salary schemes if the government pushes for mandating the retirement age to 60. According to a survey conducted by Research & Research commissioned by the Federation of Korean Industries, the average [...]
SEOUL, May 28 (Korea Bizwire) – A recent survey showed that the stagnation in consumption in the private sector comes from the anxiety over the life after retirement. Because of the longer life expectancy and shortening working period, younger generations are reluctant to spend now in preparation for their future. According to a Korea Development [...]
SEOUL, May 12 (Korea Bizwire) – SK Telecom decided to raise the retirement age of its employees to 60 from current 58 and introduce a “wage peak system.” SK Telecom recently signed a collective agreement with its trade union on various issues like the extension of the retirement age, wage peak scheme, and expansion of [...]
SEOUL, Korea, April 18, 2014 (Korea Bizwire) – The employers in Korea are getting worried about the increasing pressure of higher labor costs upon “Extension of the Retirement Age to 60 Laws” to be taking effect in 2016. In order to minimize the damage, companies are calling for a wage peak system. According to the [...]