The government is pushing to allow baby boomers to delay retirement and work longer in return for choosing an option of shorter work days for lower pay, officials at the Health and Welfare Ministry said Sunday.
The "work hour reduction application system" will be enforced for local workers aged 50 and older, starting next year at the earliest after the revision of relevant laws, said the officials.
The new system is intended to help baby boomers born between 1955 and 1963 better prepare for their post-retirement life, as well as to create more job opportunities for the younger generation, the officials said.
"Baby boomers can take advantage of the new system to stay longer in their current workplaces and secure more time to prepare for their retirement days," said a ranking ministry official.
"Preparations for revision of the employment promotion law and development of relevant programs and educational content are now under way. It will be introduced next year at the earliest."
He noted that employers will be paid incentives to hire unemployed young people to fill the labor gap caused by shorter work days for senior employees.
Baby boomers in South Korea totaled 7.12 million as of 2010, accounting for approximately 15 percent of the population, according to government statistics. Of those, an estimated 3 million are salaried workers. (Yonhap)