Korea's Retirement Predicament: The Ageing Tiger

by Thomas R. Klassen (Editor), Yunjeong Yang (Editor)

The distinguishing feature for many workers in South Korea is contractual – and often involuntary – retirement at a young age (mid-50s for most workers) followed by precarious and low-paying self-employment or contract work. In the past this practice, which is also found in other East Asian nations, provided firms with a youthful and highly productive workforce. However, with a rapidly aging population and shifts in the labour market, the existing arrangement is becoming less and less functional. This book examines how this retirement arrangement arose, and the policy reforms that have been both undertaken and proposed to allow workers to remain employed longer. The analysis focuses on the institutional constraints to reforms, as well as the impact forced retirement has on individuals. Using a multi-disciplinary and comparative approach, the authors study contractual mandatory retirement trends and policies in South Korea, and in doing so illuminate the political, social, legal, economic and labour market implications of this widespread practice. As nations across Asia face aging populations, this book will be welcomed by students and scholars interested in Korean studies, social policy, social welfare and gerontology. It will also be of great value to policy makers.

192 pages, Paperback

First published January 1, 2013

Reviews

[YHC · Rating 5 out of 5]

In western countries, what i saw were people can not wait to get retired, because they paid around 30% to 40% of income tax, so they have secure retired life. But in Asian countries, Japan or Korea, our social welfare is relatively not as complete as western societies (specially in nordic countries). In this book, you see Korean wish to work longer, but there is no law to protect them, they might ask to be retired even before 55, then without income, these people will be in living problem. the words: 下流老人 (another Japanese book talking about same situation).

Feeling sad while reading this book, korean people specially those who are more than 55 year old, women mostly work so hard and so energetically. I enjoy traveling there and being served the table be these wonderful ladies. Hope one day their social welfare can improve and these people can have peace in mind to retire voluntarily.