retirement age Archives | Be Korea-savvy
Retirement Age Proposal Sparks National Divide Between Old and Young

Retirement Age Proposal Sparks National Divide Between Old and Young

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 [...]

S. Korean Chipmakers Abolish Retirement Age to Prevent Talent Leaks

S. Korean Chipmakers Abolish Retirement Age to Prevent Talent Leaks

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 [...]

Tech Firms Remove Retirement Age for Highly Skilled Engineers

Tech Firms Remove Retirement Age for Highly Skilled Engineers

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 [...]

SK hynix Will Let Outstanding Semiconductor Engineers Work Past Retirement Age

SK hynix Will Let Outstanding Semiconductor Engineers Work Past Retirement Age

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 [...]

8-Year Gap Between Actual and Expected Retirement Age

8-Year Gap Between Actual and Expected Retirement Age

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. [...]

Working Class Self-Evaluate Retirement Age as 50.9

Working Class Self-Evaluate Retirement Age as 50.9

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 [...]