• The Journal of the Korea Contents Association
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• v.22 no.10
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• pp.460-474
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• 2022

The purpose of this study was to explore the perception of the extension of the retirement age perceived by corporation top leaders who are the main agents of employment. As a result of analyzing the interview data by qualitative content analysis, companies centered on manufacturing and construction preferred the elderly to foreign workers and leaders of social service organizations suggested that healthy and capable elderly people should be able to continue to work. However several opinions were also presented against the extension of the retirement age uniformly without considering the circumstances of the company. The passion for work of older workers with higher salary decreased, which concerns that the absence of a retirement system would reduce the vitality of the organization and increase the burden of labor costs. As an alternative to this, there is the opinion that employment can be extended even after the retirement age with the contract and in the form of a commissioned job according to an agreement with the company. Furthermore, it was also suggested that it would be easier not only to maintain employment but also to create jobs for the elderly given the employment flexibility.

• Korean Journal of Social Welfare
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• v.42
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• pp.169-198
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• 2000

This paper attempts to analyze the early retirement in the OECD countries and discuss implication of that in the old age policy in Korea. The increase of the early retirement in the almost all OECD countries is a common fact. Especially the rate of early retirement rapidly increased in the 1980s, mostly reflecting the high rate of unemployment and states' policies to reduce it. However, it varies across countries: the unemployment compensation pathway in France, the mixture of social assistance and private insurance in England, VUT in Netherland, the privatization of the early retirement in the U. S., and partial retirement and labor market policy in Sweden. The early retirement in the advanced countries contributes to de-institutionalization and de-standardization in life course model. It resulted in the erosion of the ordinary conception that the retirement was the beginning of the old age. And the last phase of life course became blurred. With respect to the problem of the early retirement, there is a big difference between Korea and the OECD countries. Above all, the retirement age is 55 years in many companies and the public pension is not universalized in Korea. Accordingly the policy for income security of the old age in Korea should be connected with social security policy such as the gradual extension of the retirement age and the expansion of the public pension and labor market policy such as job training for the old age, transformation of the seniority wage system etc.

• Korean Journal of Social Welfare
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• v.68 no.2
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• pp.107-130
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• 2016

This study is aimed at the exploratory research on the influence of the obligation of extension of the retirement age on the baby boom generation. The basic question of this study is about which of the baby boom generation can get how much benefit according as the extension of the retirement age becomes compulsory. The extension of the retirement age is the system that can be applied to regular full-time workers. Accordingly, this study is intending to analyze the characteristics of the workers having a high likelihood for benefits from extension of the retirement age by tracing the economic activity state and labor history of the baby boomers. For this purpose, this study looked into the change of the economic activity state by age cohort of the male baby boomers based on the data for the Korea Labor Panel's 4th(2001) & 17th(2014)year. Using Survival analysis, this study also analyzed who will continue to remain as a regular full-time wage earner. As the result of the analysis, it was found that the more the cohort ages of baby boomers increased, the smaller the probability of remaining as a regular full-time wage earner, and the group who can get benefits from extension of the retirement age was predicted to account for only 11.4% level among the baby boomers. In addition, the result showed that there was a high likelihood of getting more benefits from extension of the retirement age when the baby boomers worked for the government-invested institution, corporate bodies, and government organizations rather than working for private enterprises. Thus, it can be safely said that there might appear a generational conflict due to extension of the retirement age in that such jobs coincide with the ones favored by the rising generation.

• Asian Journal of Innovation and Policy
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• v.12 no.3
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• pp.363-382
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• 2023

This study aims to discern the determinants influencing the perception of workability among the elderly population and delineate an appropriate retirement age within the labor market context. Employing binary logistic regression, this research utilizes data from the Korea Welfare Panel Study (2008, 2012, 2016, and 2020) provided by the Korea Institute for Health and Social Welfare. The findings indicate that key factors shaping the elderly's perception of workability encompass familial responsibilities (household and marital status) and their levels of physical and mental well-being. Econometric analysis suggests an anticipated retirement age for the elderly population ranging between 67 and 69 years. In addressing labor market demands and informing policymakers, the study proposes deliberations on extending the retirement age for individuals aged 60 to 65. This range serves as a compromise between the identified retirement age of 67 to 69 and the current average retirement age for elderly labor market participants. Bridging the disparity between the perceived workability age and the prevailing labor market baseline is crucial for achieving social consensus. Therefore, any extension of the retirement age should carefully consider both the demand and supply perspectives within the labor market. The study's contribution lies in two main aspects: firstly, presenting a retirement age framework for the labor market that integrates the workability of the elderly population, and secondly, providing evidence-based research outcomes to guide informed labor policies.

• Communications for Statistical Applications and Methods
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• v.27 no.6
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• pp.649-673
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• 2020

This paper makes a theoretical contribution by providing clear and detailed derivation of economic agents' decision problems including elastic labor supply in Gertler's overlapping generation (OLG) model. We apply the model to the Korean economy by calibration based on Korean economic data. It also analyzes the impact of current social issues such as aging and extension of retirement age, on the Korean economy in a long-run equilibrium. Subsequently, we also discuss the implications of the analysis. Aging has prolonged the period of retirement; therefore, population structure changes by the increase in the proportion of retirees, the total consumption-to-GDP ratio decreases, and capital stock increases due to reduced propensity to consume out of wealth in preparation for an individual's retirement life. The implementation of retirement age extension increases the proportion of retirees relatively less and alleviates fluctuations in labor supply and the share of financial assets for both economic agents. However, the decrements in consumption-to-GDP ratio is larger than before, and this leads to a larger rise in the capital stock compared to when there is only an aging effect.

• 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.

• International journal of advanced smart convergence
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• v.10 no.3
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• pp.113-121
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• 2021

This study was conducted on 1,174 retirees in their 50s and 60s nationwide using the 7th data of the National Pension Service's National Elderly Security Panel Survey. We were able to confirm the following results through the SPSS WIN 18.0 program.. First, men showed a higher level of education than women. From these results, it is expected that men will be better prepared for retirement. Second, men had spouses and two or more household members than women. According to previous studies showing that men are better prepared for retirement if they have a spouse, it is expected that men are better prepared for retirement. Second, 38% of men and 62% of women were voluntary retirees. Third, both men and women responded that their own and spouses should play the main role in preparing for retirement. Fourth, both men and women had very low rates of preparation for old age, economic independence, and public and private pensions. Among them, women were lower than men. Fifth, economic problem solving, health, and medical care were the priority as parts to be done for retirement in oneself and society. Based on these results, the directions for preparing retirees for retirement are as follows. First, education on wage peak system, retirement age extension and financial management for involuntary retirees is required, and guidance and management methods on health care and disease should be provided to address needs for health and health care. Women had more voluntary retirees than men, and they need to know why. Second, when both men and women are very poor at preparing for retirement, there should be job creation measures to ensure that they and their spouses are fully prepared for retirement.

• The Journal of the Korea Contents Association
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• v.16 no.7
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• pp.522-531
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• 2016

Extension of life expectancy and retirement of baby-boomers from 2010 made big population senior citizens, and concerns about retirement was heightened. Researches to remove the concerns about retirement found out that awareness for senior age life and financial preparation actions for retirement influence retirement life both directly and indirectly. This research identified the influence of financial retirement preparation on related variables, and analyzed its control effect on retirement and senior life perception, retirement preparation actions, and retirement satisfaction level. For that, from Nov 2015 to Feb 2016, this research surveyed 1,500 people from 20 to 69, by mailing or visiting with survey, noting purpose and process of research, eliminating 83 insufficient replies, and analyzing 1,417 surveys. This result shows the better retirement preparation, the more positive retirement and senior life perception, retirement preparation actions, and retirement satisfaction level. This research is significant as basic data for general and practical retirement preparation program development.

• 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 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.