Older Koreans favor retirement age extension due to financial hardship
Kim Young-ho, a man in his late 50s, said he is still healthy and able to work. His manufacturing job is not easy, but he says stopping is not an option. “If I retire at 60, I cannot pay rent and hospital bills,” he said. “I am slower than before, sure. But I still know my job better than younger workers.” Kim hopes to work until he's at least 67. “Retirement feels like being pushed out while I can still stand on my own feet. Young part-time staff I hire come and go, but I stay,” he said. “I handle complaints, train new workers and keep the business running.” He worries about what will happen if the government and ruling Democratic Party of Korea (DPK) move to extend the retirement age to 65, up from the current 60. For Park Jae-min who retired a few years ago, life is not like what it used to be. “I now work short-term delivery and security guard jobs. Every contract ends quickly. The pay is lower, and there is no room for respect," he said. Park said an extended retirement age would give older workers dignity. “One stable job is better than many small jobs,” he said.
