• Journal of Labour Economics
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• v.33 no.3
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• pp.1-23
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• 2010

Extension of mandatory retirement age (MRA) differs from other labor supply increases in that it induces a change in the incentive to save for retirement. A simple general equilibrium model indicates that extension of MRA can lead to a decrease in life-time income and social welfare as it excessively discourages domestic savings and thus capital accumulation. However, in an open economy where capital inflow allows capital input in production to remain constant despite lower domestic capital stock, extension of MRA likely increases worker welfare. In such case, extension of MRA can contribute to expansion of hiring demands through lowering wages or mitigating upward pressures on wages.

• Journal of Fisheries and Marine Sciences Education
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• v.27 no.1
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• pp.18-28
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• 2015

This study aims to understand the meaning that learning of the old age has, through old age learners who augustly live after retirement-life so called successful silver years. Qualitative research methods is used for analyzing the contents of articles about 15 old age learners and the results are follows below. First, the retirement has dual meaning for the old learners. One is they experienced psychological and emotional insecurity after retirement and the other is it is a turning point for them to realize their longtime dream. Second, the old age learners showed enthusiasm about learning and they voluntarily found the way of success in their silver years. Finally, the old age learners working in new career with provocative and enthusiastic attitude work as a role model of successful old age life and show how they progress. This study argued that we need to consider the old as active agents and the old age as the time when productive and continuous learning can be done. In addition, this study strongly insisted that we need to realize the importance of 'education by the elderly' and social and other relevant conditions are needed to be established immediately.

• Journal of Agricultural Extension & Community Development
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• v.14 no.2
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• pp.279-299
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• 2007

In order to get the practical suggestions concerning the development of the domestic senior facilities in the rural area, a survey was made in the Philippines and Thailand to grip the policies and programs for senior, by visiting the government institute and senior village facilities. As for the Philippines, Philippine Retirement Authority was attracting investment of foreigners and individuals having Philippine citizenship, by issuing SRRV(the Special Resident Retiree's Visa), and as for Thailand, the Thai Longstay Management Company Limited was providing membership system for the abode of foreigners. In case of the domestic residence for seniors, it is suggested that the development of the senior housing community be designed in accordance with the diversified purposes of residence; that is, the prime concern of the community should be reflected on the characteristics of the retiree group (such as the lifestyle, health situation, etc), and at the same time, special concern also be showed on managing the community club house facilities, and keeping the amicable relations between the retiree residents and the local villagers.

• Korea journal of population studies
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• v.35 no.2
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• pp.133-157
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• 2012

This study analyzed plans for retirement by focusing on preferred retirement timing(PRT) measure. Current pension program show rather strong guideline about the timing of full-retirement. This study asked whether the middle age group are willing to retire correspond to the policy guidelines or not. Research sample came from 2008 KLOSA data, recruiting 1,367 workers who are residing in cities or in metropolitan area (women: 34.8%). I have analyzed one item question asking "In what age do you want to fully retire?", The results showed that, about two third of respondents declared they do not want to retire unless they have health problems, or would expect to retire no earlier than age 70. However, a third of respondents expected normal retirement coming between 60~64. Second, the determinants of timing for retirement were differ by PRT. Social determinants, such as gender, short work hours, being employed, and higher status in family income were associated with early PRT. While, good health status, positive view on the future economics were highly associated with late PRT. The results reveal that the timing of retirement is getting more diverse and obscure in the individual level.

• Journal of Convergence for Information Technology
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• v.11 no.2
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• pp.82-89
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• 2021

The objective of this study is to propose a new Glide Path that dynamically adjusts the risky asset inclusion ratio of the Target Date Fund by simultaneously considering the market's forecast volatility as well as the time of investor retirement, and to compare the investment performance with the traditional Target Date Fund. Forecasts of market volatility utilize historical volatility, time series model GARCH volatility, and the volatility index VKOSPI. The investment performance of the new dynamic Glide Path, which considers stock market volatility has been shown to be excellent during the analysis period from 2003 to 2020. In all three volatility prediction models, Sharpe Ratio, an investment performance indicator, is improved with higher returns and lower risks than traditional static Glide Path, which considers only retirement date. The empirical results of this study present the potential for the utilization of the suggested Glide Path in the Target Date Fund management industry as well as retirees.

• 한국노년학
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• v.31 no.1
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• pp.15-31
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• 2011

The purpose of this study is to explore the transition to retirement of the middle-aged in Korea according to the notion of "the career job" and "the bridge job". In order to scrutinize basic elements for the transition, three aspects such as the job history of the middle-aged, the characteristics of the demographic and economic status were investigated through the one to three wave of Korean Retirement and Income Study(KReIS). In addition, the characteristics of the career job and the bridge job were analyzed by both descriptive statistics and the conditional transition probability. Moreover, the influential factors to the job status of the middle-aged were examined by the multi-nominal logistic regression. The results of the study are as followed: first, gradual retirement is increasing in the transition to retirement of the middle-aged in Korea. Over time, the career job is decreasing whilst bridge job is increasing. However, the quality of the bridge job is poorer than the career job in terms of wage, employment status, industry, and occupation. Lastly, the middle-aged who work in the bridge job have vulnerable characteristics, so they work in the bridge job to supplement their economic needs. The results can be influential in the adjustment of the labor policies for the middle-aged in Korea. Moreover, the partial pension system could be a good alternative since the pension system is needed to protect the vulnerable situation of the middle-aged in Korea.

• Journal of Labour Economics
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• v.26 no.3
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• pp.1-28
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• 2003

This article examines the employment status of older male workers in the era of industrialization, focusing on the questions of how the extent of pressure toward retirement varied across different occupations, and how it changed over time. A comparison of hazard of retirement across occupations shows that men who had better occupations in terms of economic status and work conditions were less likely to retire than were those with poorer jobs. This result tends to reject the recent view that retirement was more voluntary than forced as early as a century ago. The difficulty faced by older workers in the labor market, as measured by the relative incidence of long-term unemployment, was relatively severe among craftsmen, operatives, and salesmen. In contrast, aged farmers, professionals, managers, and proprietors appear to have fared well in the labor market. The pattern of shifts in the occupational structure that occurred between 1880 and 1940 suggests that industrialization had brought a growth of the sectors in which the pressure toward departure from employment at older ages was relatively strong.

• The Journal of the Korea Contents Association
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• v.15 no.11
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• pp.93-103
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• 2015

In this study, it has an intention of arranging an implication based on an effective introduction of a wage peak system in Japan to settle a mandatory retirement at sixty according to a legalization of retirement age at sixty smoothly. Institutionally, retirement age guaranteed type that reduces wage from certain period before retirement is of great importance. In Japan, mainly features the extension of retirement age that focus on keeping aged employment after retirement. In the introduction of the wage peak system, Korea attaches importance to the wage cost savings, but Japan puts emphasis on using aging workforce. Korea wants to promote the aged employment for retirement age at 60, whereas Japan actively push ahead with retirement age 65 and after that time. South Korea needs to reinforce the pensionable age and the connection though the extension of retirement age via the manpower utilization, employment promotion and the stability. It is necessary to prepare a institutional plan to try not to make a gap of the pensions by guaranteeing or extending the retirement age connect to the age of pensioners though the wage peak system. To activate the wage peak system, it is necessary to acknowledge a legal improvement that concedes rational changes such as the rule of employment. An active interpretation is needed currently though, it is more necessary to review the stipulation and the rational changes of the rule of employment that is established by a precedent like the Japanese legislation case. When a disadvantageous change of works rules is made, it is able to consider establishing the provision in the Act on age Discrimination Prohibition in Employment and Aged Employment Promotion, therefore it won't be able to apply the regulation in the rational criterion that satisfies the standards, rather than amending a Article 94 of the Labor Standards Act that makes accepting the approval of the majority of workers.

• Journal of Family Resource Management and Policy Review
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• v.17 no.2
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• pp.173-194
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• 2013

The purpose of this study was to examine the association between time-income availability and health-promoting behavior (physical practice, smoking, alcohol consumption) of older males (55-69). This study attempted to shed light on health-behavior changes during the transition period of male retirement. The availability of time resources was examined by addressing the amount of weekly paid labor hours. The availability of financial resources was calculated by using the debt-income ratio. The study sample comprised 1,372 (age range 55-69) male respondents of the 2006 Korean Longitudinal Study of Aging (2006 KLOSA wave 1). The results of CHAID (CHi-squared Automatic Interaction Detection) analysis uncovered four distinctive combinations of resource types: time-money poor, time rich, money rich, time-money rich. According to logit results, these four groups had different socio-demographic profiles and different health-behavior risks. The time-money poor males were unlikely to perform physical activities needed to improve their health or to quit smoking or alcohol consumption. This group was also more likely to consume alcohol compared to the time-money resource types. In contrast, the time-money rich group was more likely to exercise longer and more frequently than the reference group (time and money poor). The time-rich types, those who have time-only resources and less money, were likely to be smokers and have problems with alcohol consumption.

• Journal of Practical Engineering Education
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• v.6 no.2
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• pp.119-126
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• 2014

The purpose of this study is to take a look at the cases on managing the senior human resources of business enterprises following the significant number of retirement of baby-boom generation and obligatory retirement age of 60 years of age and present the implication points in policies. With respect to the implication of the company, it would urgently require the introduction of programs with long-term point of view for career management strategy from the time of employment to the resignation, settlement of company leave system called chulhyang, expansion of wage peak system, full-time job transfer support center within the enterprise for retirement management, expansion of various consulting, conversion of paradigm on senior human resource management of top management in the enterprise level. In the government level, it is considered as required for systematic supplementation of the chulhyang system, improvement of support system for employment encouragement fund, expansion of national work capability standard-based senior employment field as well as task development, support for innovation of personnel management system, supply of management manual and implementation of job transfer education for life-time conversion period in the government level.