Korea should provide job opportunities for senior citizens even after they retire to keep them from falling into poverty and help increase the overall economic vibrancy, a top economic policymaker said Monday.
"In order to strengthen our economic vibrancy and reduce the burden of supporting senior citizens at a time when the country's population has exceeded 50 million, we should create an environment where baby boomers can continue to work," Finance Minister Bahk Jae-wan told a meeting to discuss long-term economic policies.
Baby boomers refer to those born between 1955 and 1963, many of whom are reaching retirement age. That age group totaled 7.12 million as of 2010, accounting for about 15 percent of the population.
Korea has been going through rapid population aging, which many government officials and experts fear could weigh on the overall economic growth by driving up health care and welfare costs.
Massive retirements of such baby boomers could increase the "support burden" on younger generations, observers say.
The government is reportedly pushing to allow baby boomers to delay retirement and work longer in return for choosing an option of shorter work days for lower pay. (Yonhap)