Tuesday, February 06, 2007

Korea: Government To Raise Retirement Age

According to a report in the Korean Herald, the government plans to raise workers' retirement age as one prong of a strategy to fend off anticipated labor shortages. Another prong is to reduce the length of compulsory military service.

With respect to retirement, the government will push measures to extend the retirement age by five years--raising the age for receiving public pension payments by five years to 65 by 2033; currently, Koreans on average retire at 56.8 years of age. In addition, the government will provide support for employers to allow their workers to retire later and also remove some discriminatory rules against senior workers.

Source: The Korea Herald "Seoul to raise retirement age" (February 6, 2007)

No comments: