• 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.

• Journal of Labour Economics
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• v.38 no.4
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• pp.1-29
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• 2015

The Individual Retirement Pension (IRP) enables workers to continuously receive a retirement pension even when workers change their jobs in different companies and so it performs a bridge fund as the complimentary living expenses until they receive government public pension. Although the Korean government has forced workers to maintain an IRP account until their retirement age and to close their accounts only when they want to do so, it is not clear to measure its really effectiveness and, in fact, most of IRP accounts have been terminated immediately after the changes of their jobs. In this respect, IRP has not performed the bridge role for the future retirement pension income. We provide an economic decision-making model of both government and workers, where the retirement benefits related with the IRP are explicitly considered. Our model is required to select specific severance pay systems to maximize the income security and stability for their future old ages. It is concluded that the need of workers on the severance pay system is automatically revealed into the switch to IRP when workers are out from their current jobs, which is equivalent to the effect of gradually unifying the dual system of the retirement payment. In additoin, our empirical data indicates the relatively higher probability of termination on IRP for the older male workers having the more retirement deposit.