Older Koreans favor retirement age extension due to financial hardship

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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. “If I retire now, my pension will not be enough to live on. At my age, I finally feel experienced and confident. I want to keep working instead of being forced to stop.”

Kim and Park are among many older Koreans who want the retirement age extended beyond the current 60.

According to a study from the National Pension Research Institute, two out of three people aged 50 and older support the change.

The survey of over 8,300 people aged 50 and older and their spouses showed that two out of three, or 66 percent, support raising the retirement age. Only 34 percent oppose it.

The proponents said they wanted the age to be extended to over 66, higher than 65 when they are eligible to receive monthly pension payouts from the state-run National Pension Service.

The survey also asked about government-run senior job programs. Among people aged 65 and older, more than 80 percent said they had heard of these programs.

However, more than half said they did not know much about them. Only 15.5 percent had ever applied.