"Raise Legal Retirement Age to 65"… National Human Rights Commission Recommends to Government

"Need to Address the Gap Between Retirement Age and Pension Eligibility"

The National Human Rights Commission of Korea (NHRCK) has recommended to the Prime Minister and the Minister of Employment and Labor to raise the statutory retirement age from 60 to 65.

On the 10th, the NHRCK stated, "In Korea, there is a gap of five years or more between the statutory retirement age of 60 and the starting age for receiving the national pension at 65, which poses a serious threat to individuals' economic stability."

The NHRCK cited the high elderly poverty rate and employment rate, as well as the fact that some local governments such as the Ministry of the Interior and Safety have extended the retirement age to 65, as reasons for recommending the increase.

It also urged the government to prepare necessary support measures to ensure that extending the statutory retirement age does not lead to negative effects such as reduced hiring of the youth generation.

To this end, the NHRCK explained that the government should implement wage support policies for older workers to promote continued employment among the elderly while making efforts to reduce the burden on both companies and employees.

Furthermore, the NHRCK requested that the government establish support measures such as ▲tax benefits ▲financial support ▲administrative support and wage subsidies for companies that introduce wage peak systems and expand jobs for older workers through retirement age extension.