SEOUL, Feb. 3 (Korea Bizwire) — South Korea is predicted to see its working age population shrink by a whopping 3.2 million during the 2020-2030 period amid the country’s graying demographics, a government labor report showed Thursday. The estimate of people aged 15-64 would represent a turnaround from a growth of 1.17 million between 2010 [...]
SEOUL, Aug. 2 (Korea Bizwire) — Politicians are coming up with various welfare promises as they prepare for next year’s presidential election, but the working-age population or the number of future taxpayers, whose taxes are vital in supporting these welfare policies, is plunging. Statistics Korea’s 2020 Population and Housing Census showed that the working-age population [...]
SEOUL, Apr. 26 (Korea Bizwire) — South Korea’s Supreme Court ruled recently that the working age limit for ready-mix concrete truck drivers should be raised to over 60 years old. The decision comes after the Supreme Court’s consensus in February that the working age limit for physical laborers should be raised to the maximum of [...]
SEOUL, Feb. 21 (Korea Bizwire) — The Supreme Court on Thursday recognized the age of 65 as the maximum age that people are physically fit to work, breaking a nearly 30-year precedent that will likely reshape the notion of retirement and impact related industries. In a 10-3 vote, the full bench reversed an appellate court [...]