[South Korea] National Assembly urged to extend retirement age to 65

In South Korea, labour groups are calling on the National Assembly to pass a bill this year that raises the retirement age from 60 to 65, KBS reports.

The retirement age proposal was one of President Lee Jae Myung's key campaign pledges. The ruling party plans to pass it by the end of the year.

The question now is whether a consensus can be reached.

The country's two umbrella labour unions reportedly visited parliament and urged the passage of a bill on extending the legally set retirement age this year.

Ages for receiving the state pension currently vary depending on individuals' birth years. However, it will be unified to 65 from 2033.

Labour unions argue that maintaining the retirement age at 60 would cause a five-year income gap.

Kim Dong-myeong - Chair, Federation of Korean Trade Unions - said, “The government is sitting on its hands with no measures. Stances of labour and management have been already confirmed.”

Yang Kyung-soo - Chair, Korean Confederation of Trade Unions - said, “We are not pushing to extend retirement age from next year but to do so in sync with the pension receipt age change.”

The Democratic Party (DP) is reportedly determined to conclude the legislation on extending the retirement age to 65 within this year.

It stressed the necessity of extending the retirement age to ensure the elderly's income security and the state pension fund's financial stability, while promoting the use of skilled workers.

The ruling party will begin with a compromise, encompassing opinions of labour and management and among the different generations, with its special committee at the centre.

On November 3, Kim Byung-kee - Floor Leader, Democratic Party - said, “A society-wide debate involving all generations, labour and management is needed. The retirement age extension issue needs a more serious approach and an early conclusion.”

To date, 12 bills on retirement age extension have been submitted to the National Assembly. The DP proposes to extend the retirement age to 65 while deleting the requirement for employers to revise the wage system.

The People Power Party reportedly prefers a proposal to maintain the wage system revision requirement while allowing employers to choose between extending the retirement age and re-hiring retired employees.

The next step for the DP's special committee will be to devise a bill addressing the business sector's concerns, such as possible decreases in job opportunities for young people and revisions to the wage system.

Source: KBS

(Quotes via original reporting)

In South Korea, labour groups are calling on the National Assembly to pass a bill this year that raises the retirement age from 60 to 65, KBS reports.

The retirement age proposal was one of President Lee Jae Myung's key campaign pledges. The ruling party plans to pass it by the end of the year.

The question now is whether a consensus can be reached.

The country's two umbrella labour unions reportedly visited parliament and urged the passage of a bill on extending the legally set retirement age this year.

Ages for receiving the state pension currently vary depending on individuals' birth years. However, it will be unified to 65 from 2033.

Labour unions argue that maintaining the retirement age at 60 would cause a five-year income gap.

Kim Dong-myeong - Chair, Federation of Korean Trade Unions - said, “The government is sitting on its hands with no measures. Stances of labour and management have been already confirmed.”

Yang Kyung-soo - Chair, Korean Confederation of Trade Unions - said, “We are not pushing to extend retirement age from next year but to do so in sync with the pension receipt age change.”

The Democratic Party (DP) is reportedly determined to conclude the legislation on extending the retirement age to 65 within this year.

It stressed the necessity of extending the retirement age to ensure the elderly's income security and the state pension fund's financial stability, while promoting the use of skilled workers.

The ruling party will begin with a compromise, encompassing opinions of labour and management and among the different generations, with its special committee at the centre.

On November 3, Kim Byung-kee - Floor Leader, Democratic Party - said, “A society-wide debate involving all generations, labour and management is needed. The retirement age extension issue needs a more serious approach and an early conclusion.”

To date, 12 bills on retirement age extension have been submitted to the National Assembly. The DP proposes to extend the retirement age to 65 while deleting the requirement for employers to revise the wage system.

The People Power Party reportedly prefers a proposal to maintain the wage system revision requirement while allowing employers to choose between extending the retirement age and re-hiring retired employees.

The next step for the DP's special committee will be to devise a bill addressing the business sector's concerns, such as possible decreases in job opportunities for young people and revisions to the wage system.

Source: KBS

(Quotes via original reporting)