Yi Whan-woo is a Korea Times journalist primarily covering finance. He writes in-depth articles on macroeconomy and financial markets and previously covered sports, politics, diplomacy and inter-Korean affairs, among others. Feel free to contact him at yistory@koreatimes.co.kr.
Workers aged 65 or older to receive jobless benefit
By Yi Whan-woo
The Ministry of Employment and Labor said Tuesday it has drafted a guideline to allow those still working aged 65 or older to be eligible for unemployment benefits.
The guideline comes after a growing ratio of senior workers across the country increased from 4.7 percent in 2000 to 6.7 percent in 2011.
The current policy excludes the laborers from receiving unemployment benefits when they reach the age of 65, even if they paid into the system.
It is one of the four major pillars of the country’s social welfare system along with the national pension, health insurance and occupational hazard compensation, and most workers pay insurance premiums for each every month.
The ministry has pushed to revamp the policy with a rising number of older workers, who play a “key role” in the country’s economy, it said.
The ratio of those aged 65 or older was 4.7 percent in 2000 and rose to 5.2 percent in 2003. It stood at 6.2 percent in 2006, 6.6. percent in 2009 and 6.7 percent last year.